By William Gullotti
Buffalo, N.Y., March 2 – China’s Guizhou Shuanglong Airport Development & Investment (Group) Co., Ltd. priced $18.2 million of 7% credit enhanced bonds due 2026 at par, according to a listing notice with an appended offering circular on Thursday.
The Regulation S bonds will have the benefit of an irrevocable standby letter of credit issued by Hua Xia Bank Co., Ltd., Guiyang Branch.
Dingxin (Securities) Ltd., Shenwan Hongyuan (H.K.), CEB International and China Zheshang Bank Co., Ltd. (Hong Kong Branch) are the joint lead managers and joint bookrunners for the offering, all of which are also acting as joint global coordinators except China Zheshang Bank.
Proceeds will be used to refinance the principal of offshore bonds due March 2023.
Listing for the bonds is expected on the Hong Kong Exchange effective March 2.
The issuer is an infrastructure construction, land development, trading, investment, financing,
asset and project management platform located and operating in the Shuanglong Airport Economic Zone.
| Issuer: | Guizhou Shuanglong Airport Development & Investment (Group) Co., Ltd.
|
| LoC issuer: | Hua Xia Bank Co., Ltd., Guiyang Branch
|
| Amount: | $18.2 million
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| Issue: | Credit enhanced bonds
|
| Maturity: | Feb. 1, 2026
|
| Bookrunners: | Dingxin (Securities) Ltd., Shenwan Hongyuan (H.K.), CEB International and China Zheshang Bank Co., Ltd. (Hong Kong Branch)
|
| Trustee: | Bank of New York Mellon, London Branch
|
| Counsel to issuer: | Stevenson, Wong & Co. (England), Intcolaw Partners (China)
|
| Counsel to underwriters: | Jun He Law Offices (England), Zhejiang Zhehang Law Firm (China)
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| Coupon: | 7%
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| Price: | Par
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| Yield: | 7%
|
| Call option: | For taxation reasons in whole, but not in part, at par plus interest
|
| Change of control: | At par plus interest
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| Pricing date: | Feb. 28
|
| Issue date: | March 1
|
| Listing date: | March 2
|
| Distribution: | Regulation S
|
| ISIN: | XS2592225085
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