New Issue: Longkou Urban Rural unit sells RMB 710 million 5½% guaranteed bonds due 2026 at par

By William Gullotti

Buffalo, N.Y., June 23 – XL (BVI) International Development Ltd., a wholly owned subsidiary of Longkou Urban Rural Construction Investment Development Co., Ltd., issued RMB 710 million of 5½% guaranteed bonds due 2026 at par, according to a listing notice and an offering circular on Friday.

The bond guarantee is provided by the parent company.

Zhongtai International, Alpha International Securities, Shenwan Hongyuan (H.K.), SunRiver International Securities Group Ltd., China Zheshang Bank Co., Ltd. (Hong Kong Branch), Hua Xia Bank Co., Ltd., Hong Kong Branch, Far East Horizon International, CEB International and Haitong Bank are the joint lead managers and joint bookrunners, with Zhongtai, Alpha, Shenwan and SunRiver 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 Chongwa (Macao) Exchange effective June 23.

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.
Issue:	Guaranteed bonds
Amount:	RMB 710 million
Maturity:	June 21, 2026
Bookrunners:	Zhongtai International, Alpha International Securities, Shenwan Hongyuan (H.K.), SunRiver International Securities Group Ltd. (joint global coordinators), China Zheshang Bank Co., Ltd. (Hong Kong Branch), Hua Xia Bank Co., Ltd., Hong Kong Branch, Far East Horizon International, CEB International and Haitong Bank
Trustee:	China Central Depository & Clearing Co., Ltd. (as principal paying agent, transfer agent and registrar)
Counsel to issuer:	Deacons (England), Grandall Law Firm (Jinan) (China), Ogier (BVI)
Counsel to underwriters:	Mayer Brown (England, Hong Kong), Commerce & Finance Law Offices (China)
Coupon:	5½%
Price:	Par
Yield:	5½%
Call:	For taxation reasons at par plus interest
Change of control:	At 101 plus interest
Pricing date:	June 16
Issue date:	June 21
Listing date:	June 23
Distribution:	Regulation S

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