By William Gullotti
Buffalo, N.Y., Oct. 14 – Liupanshui Minsheng Industrial Investment Group Co., Ltd. priced $100 million of 6.4% bonds due 2023 at par, according to a listing notice with an appended offering circular on Friday.
The Regulation S bonds may be redeemed early in whole, but not in part, for taxation reasons at par plus interest. Bondholders will be able to exercise put rights at 101 plus interest for a change of control or at par plus interest if a no registration event occurs.
Carlyon Securities, Shenwan Hongyuan (H.K.) and Haitong International are the joint global coordinators, joint lead managers and joint bookrunners for the offering with Carlyon as lead global coordinator.
Proceeds will be used for supplementing working capital.
Listing for the bonds is expected on the Hong Kong Exchange effective Oct. 14.
The issuer is the primary infrastructure construction entity in China’s Liupanshui City.
| Issuer: | Liupanshui Minsheng Industrial Investment Group Co., Ltd.
|
| Amount: | $100 million
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| Issue: | Bonds
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| Maturity: | Oct. 12, 2023
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| Bookrunners: | Carlyon Securities, Shenwan Hongyuan (H.K.) and Haitong International
|
| Co-manager: | Citic Securities
|
| Trustee: | China Construction Bank (Asia) Corp., Ltd.
|
| Counsel to issuer: | Yuanwen (Shanghai) Law Firm (China)
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| Counsel to underwriters: | Chungs Laywers in Association with Deheng Law Offices (England), Sheng Tang Law Firm (China)
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| Coupon: | 6.4%
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| Price: | Par
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| Yield: | 6.4%
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| Call option: | For taxation reasons in whole, but not in part, at par plus interest
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| Change of control: | At 101 plus interest
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| No registration event: | At par plus interest
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| Pricing date: | Oct. 10
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| Issue date: | Oct. 13
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| Listing date: | Oct. 14
|
| Distribution: | Regulation S
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| ISIN: | XS2532068371
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