Published on 12/9/2022 in the Prospect News Emerging Markets Daily and Prospect News Green Finance Daily.
New Issue: China’s Deyang Development prices $350 million 7% notes due 2025 at par
By William Gullotti
Buffalo, N.Y., Dec. 9 – Deyang Development Holding Group Co., Ltd. priced $350 million of 7% notes due 2025 (//BBB-) at par, according to a listing notice with an appended offering circular on Friday.
The notes may be redeemed early at par plus interest for taxation reasons. Noteholders will be able to exercise put rights at 101 for a change of control or at par if a non-registration event occurs.
Guotai Junan International, CEB International, China Minsheng Banking Corp., Ltd., Hong Kong Branch, BOSC International, Hua Xia Bank Co., Ltd., Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch, Haitong Bank, Guolian Securities International, China International Capital Corp., Citic Securities, CMB International, Huatai International, China Industrial Securities International, Alpine Securities, CMBC Capital, Haitong International and Zhongtai International are the joint lead managers and joint bookrunners for the offering.
Guotai, CEB and China Minsheng are also the joint global coordinators, with CEB and Guotai also acting as joint sustainability structure advisors.
Proceeds will be used to replenish working capital and for project construction in accordance with the company’s sustainable finance framework.
Listing for the Regulation S notes is expected on the Hong Kong Exchange effective Dec. 9.
Based in Deyang City of China’s Sichuan Province, the issuer is engaged in infrastructure construction, municipal services, commodity trading and other businesses.
| Issuer: | Deyang Development Holding Group Co., Ltd.
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| Issue: | Notes
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| Amount: | $350 million
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| Maturity: | Dec. 8, 2025
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| Bookrunners: | Guotai Junan International, CEB International, China Minsheng Banking Corp., Ltd., Hong Kong Branch, BOSC International, Hua Xia Bank Co., Ltd., Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch, Haitong Bank, Guolian Securities International, China International Capital Corp., Citic Securities, CMB International, Huatai International, China Industrial Securities International, Alpine Securities, CMBC Capital, Haitong International and Zhongtai International
|
| Sustainability structure advisors: | CEB International, Guotai Junan International
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| Trustee: | China Construction Bank (Asia) Corp., Ltd.
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| Counsel to issuer: | Linklaters (England), Jingtian & Gongcheng LLP (China)
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| Counsel to underwriters: | Clifford Chance (England), Beijing DeHeng 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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| Puts: | At 101 plus interest for a change of control; at par plus interest for a non-registration event
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| Pricing date: | Dec. 1
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| Issue date: | Dec. 8
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| Listing date: | Dec. 9
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| Rating: | Fitch: BBB-
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| Distribution: | Regulation S
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| ISIN: | XS2562889316
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