Chicago, Dec. 8 – China’s Shaoxing Paojiang Venture Construction Development Co., Ltd. sold RMB 679 million of 4% credit-enhanced bonds due 2025 at par, according to a circular.
The bonds are supported by an irrevocable standby letter of credit issued by Bank of Hangzhou Co., Ltd. Shaoxing Branch.
Joint global coordinators, joint lead managers and joint bookrunners are China International Capital Corp., China Securities International, Guosen Securities (HK) and Sinolink Securities (HK).
Proceeds will be used for project financing and supplementing working capital.
The bonds are not rated.
The issuer is responsible for the investment and construction of major urban infrastructure projects in Shaoxing Paojiang Development Zone.
| Issuer: | Shaoxing Paojiang Venture Construction Development Co., Ltd.
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| LoC issuer: | Bank of Hangzhou Co., Ltd. Shaoxing Branch
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| Amount: | RMB 679 million
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| Issue: | Credit-enhanced bonds
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| Maturity: | Dec. 8, 2025
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| Bookrunners: | China International Capital Corp., China Securities International, Guosen Securities (HK) and Sinolink Securities (HK)
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| Trustee: | CMB Wing Lung (Trustee) Ltd.
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| Counsel to issuer: | Freshfields Bruckhaus Deringer and Zhejiang Z&J Law Firm
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| Counsel to underwriters: | King & Wood Mallesons and Commerce & Finance Law Offices
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| Coupon: | 4%
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| Price: | Par
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| Yield: | 4%
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| Change of control: | At par
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| Trade date: | Dec. 1
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| Settlement date: | Dec. 8
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| Distribution: | Regulation S
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