New Issue: Hongkong Yunlin prices ¥13 billion 1.6% credit enhanced guaranteed bonds due 2026

By William Gullotti

Buffalo, N.Y., Aug. 28 – Hongkong Yunlin International Co., Ltd., a wholly owned subsidiary of Wuxi Nengda Thermoelectric Co., Ltd., priced ¥13 billion of 1.6% credit enhanced guaranteed bonds due 2026 at par, according to a listing notice and an offering circular on Monday.

The Regulation S bonds will be issued by the subsidiary, guaranteed by the parent company and further supported by an irrevocable standby letter of credit issued by Bank of Shanghai Co., Ltd., Nanjing Branch.

AMC Wanhai Securities Ltd., China Galaxy International, Bocom International, ICBC International, BOSC International, Industrial Bank Co., Ltd., Hong Kong Branch, CCB International, Shenwan Hongyuan (H.K.), Hua Xia Bank Co., Ltd., Hong Kong Branch, Citic Securities, Huisun Securities and China Zheshang Bank Co., Ltd. (Hong Kong Branch) are the joint lead managers and joint bookrunners, with AMC, China Galaxy, Bocom, ICBC and BOSC also acting as joint global coordinators.

Proceeds are intended for business development purposes.

Listing for the bonds is expected on the Chongwa (Macao) Exchange effective Aug. 28.

The issuer was incorporated in Hong Kong on May 30, 2022. The guarantor is based in Wuxi City of China’s Jiangsu Province and is focused on the generation, sale and distribution of the city’s electricity and steam.

Issuer:	Hongkong Yunlin International Co., Ltd.
Guarantor:	Wuxi Nengda Thermoelectric Co., Ltd.
LoC issuer:	Bank of Shanghai Co., Ltd., Nanjing Branch
Amount:	¥13 billion
Issue:	Credit enhanced guaranteed bonds
Maturity:	Aug. 25, 2026
Bookrunners:	AMC Wanhai Securities Ltd., China Galaxy International, Bocom International, ICBC International, BOSC International, Industrial Bank Co., Ltd., Hong Kong Branch, CCB International, Shenwan Hongyuan (H.K.), Hua Xia Bank Co., Ltd., Hong Kong Branch, Citic Securities, Huisun Securities and China Zheshang Bank Co., Ltd. (Hong Kong Branch)
Trustee:	Bank of Communications Trustee Ltd.
Counsel to issuer:	Paul Hastings (Europe) LLP (Hong Kong, England), Jiangsu Manxiu Law Firm (China)
Counsel to underwriters:	K&L Gates (Hong Kong, England), Lexiance Partners (China)
Coupon:	1.6%
Price:	Par
Yield:	1.6%
Call:	For taxation reasons at par plus interest
Change of control:	At par plus interest
Non-registration event:	At par plus interest
Pricing date:	Aug. 22
Issue date:	Aug. 25
Listing date:	Aug. 28
Distribution:	Regulation S
ISIN:	XS2668376747

© 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.