By William Gullotti
Buffalo, N.Y., Oct. 31 – XL (BVI) International Development Ltd., a wholly owned subsidiary of Longkou Urban Rural Construction Investment Development Co., Ltd., issued $110 million of 7% guaranteed bonds due 2025 at par, according to a listing notice with an appended offering circular on Monday.
The bonds are guaranteed by the parent company and may be redeemed early 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 registration event occurs.
Zhongtai International, Alpha International Securities, Dongxing Securities (Hong Kong), Guotai Junan International, Haitong Bank, Guolian Securities International, Shenwan Hongyuan (H.K.), China Industrial Securities International and China International Capital Corp. are the joint lead managers and joint bookrunners, with Zhongtai, Alpha and Donxing also acting as joint global coordinators.
Proceeds will be used for project construction and to replenish working capital.
The listing for the Regulation S bonds is expected on the Hong Kong Exchange effective Oct. 31.
The issuer is an offshore financing platform of the guarantor, incorporated in the British Virgin Islands on Oct. 15, 2021. The guarantor is a state-owned entity involved in engineering construction, agent construction, land development, water supply and sewage treatment.
| Issuer: | XL (BVI) International Development Ltd.
|
| Guarantor: | Longkou Urban Rural Construction Investment Development Co., Ltd.
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| Issue: | Guaranteed bonds
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| Amount: | $110 million
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| Maturity: | Oct. 28, 2025
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| Bookrunners: | Zhongtai International, Alpha International Securities, Dongxing Securities (Hong Kong), Guotai Junan International, Haitong Bank, Guolian Securities International, Shenwan Hongyuan (H.K.), China Industrial Securities International and China International Capital Corp.
|
| Trustee: | China Construction Bank (Asia) Corp., Ltd.
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| Counsel to issuer: | Deacons (England), Grandall Law Firm (Jinan) (China), Ogier (BVI)
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| Counsel to underwriters: | Mayer Brown (England), Commerce & Finance Law Offices (China)
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| Coupon: | 7%
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| Price: | Par
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| Yield: | 7%
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| Call: | For taxation reasons at par plus interest
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| Change of control: | At 101 plus interest
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| Registration event: | At par plus interest
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| Pricing date: | Oct. 21
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| Issue date: | Oct. 28
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| Listing date: | Oct. 31
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| Distribution: | Regulation S
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| ISIN: | XS2533702895
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