Published on 12/6/2022 in the Prospect News Emerging Markets Daily.
New Issue: Tianfeng Securities unit prices $240 million 6˝% guaranteed notes due 2024 at par
By William Gullotti
Buffalo, N.Y., Dec. 6 – TFI Overseas Investment Ltd. priced $240 million of 6˝% PRC guaranteed notes due 2024 at par, according to a listing notice with an appended offering circular on Tuesday.
The notes are issued under the company’s $750 million structured note and medium-term note program and guaranteed by TF International Securities Group Ltd. and Tianfeng Securities Co., Ltd.
TF International is the global coordinator, also serving as a joint lead manager with joint bookrunners ABC International, Bank of Communications, China Everbright Bank Hong Kong Branch, China Minsheng Banking Corp., Ltd., Hong Kong Branch, Citic Securities, CMBC Capital, Haitong International, Huatai International and Shenwan Hongyuan (H.K.).
Proceeds will be used for general corporate purposes and to refinance existing debt.
Listing for the Regulation S notes is expected on the Stock Exchange of Hong Kong Ltd. effective Dec. 6.
The issuer is a wholly owned subsidiary the guarantor, which is a wholly owned subsidiary of Tianfeng Securities. The securities brokerage is based in China.
| Issuer: | TFI Overseas Investment Ltd.
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| Guarantors: | TF International Securities Group Ltd., Tianfeng Securities Co. Ltd.
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| Amount: | $240 million
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| Issue: | PRC guaranteed notes
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| Maturity: | June 5, 2024
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| Bookrunners: | ABC International, Bank of Communications, China Everbright Bank Hong Kong Branch, China Minsheng Banking Corp., Ltd., Hong Kong Branch, Citic Securities, CMBC Capital, Haitong International, Huatai International and Shenwan Hongyuan (H.K.)
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| Global coordinator: | TF International
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| Trustee: | China Construction Bank (Asia) Corp., Ltd.
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| Counsel to issuer: | Davis Polk & Wardwell (England), Ogier (BVI)
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| Counsel to underwriters: | Clifford Chance (England), JunHe LLP (China)
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| Coupon: | 6˝%
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| Price: | Par
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| Yield: | 6˝%
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| Call: | For taxation reasons at par plus interest
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| Puts: | At par plus interest for a change of control or no registration event
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| Pricing date: | Nov. 29
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| Issue date: | Dec. 5
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| Listing date: | Dec. 6
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| Distribution: | Regulation S
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| ISIN: | XS2559193425
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