By William Gullotti
Buffalo, N.Y., Dec. 13 – Hefei Gaoxin Development & Investment Group Co. sold RMB 770 million of 4.49% bonds due 2025 at par, according to a listing notice and an appended offering circular on Tuesday.
The bonds may be redeemed early for taxation reasons at par plus interest. Bondholders will be able to exercise put rights at 101 plus interest if a change of control occurs.
Fosun Hani, Central Wealth Securities Investment Ltd., Shanghai Pudong Development Bank Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch and China International Capital Corp. are the joint lead managers and joint bookrunners for the Regulation S offering, with Fosun Hani and Central Wealth also acting as joint global coordinators.
Proceeds will be used for financing construction projects and replenishing working capital.
Listing for the bonds became effective on the Chongwa (Macao) Exchange on Dec. 12.
Based in Hefei, China, the issuer is engaged in infrastructure construction, industrial facilities development and sales, property leasing and other businesses.
| Issuer: | Hefei Gaoxin Development & Investment Group Co.
|
| Amount: | RMB 770 million
|
| Issue: | Bonds
|
| Maturity: | Dec. 9, 2025
|
| Bookrunners: | Fosun Hani, Central Wealth Securities Investment Ltd., Shanghai Pudong Development Bank Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch and China International Capital Corp.
|
| Trustee: | China Central Depository & Clearing Co., Ltd. (as principal paying agent, registrar and transfer agent)
|
| Counsel to issuer: | Mayer Brown (England), All Bright Law Office (China)
|
| Counsel to underwriters: | Herbert Smith Freehills (England), DeHeng Law Offices (Hefei) (China)
|
| Coupon: | 4.49%
|
| Price: | Par
|
| Yield: | 4.49%
|
| Call option: | In whole, but not in part, for taxation reasons at par plus interest
|
| Put option: | At 101 plus interest upon change of control
|
| Pricing date: | Dec. 7
|
| Issue date: | Dec. 9
|
| Listing date: | Dec. 12
|
| Distribution: | Regulation S
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
