Published on 3/29/2023 in the Prospect News Emerging Markets Daily.
New Issue: Qingdao West Coast prices RMB 1 billion 5½% three-year bonds
By William Gullotti
Buffalo, N.Y., March 29 – Qingdao West Coast New Area Ocean Holding Group Co., Ltd. priced RMB 1 billion of 5½% three-year bonds at par, according to a listing notice and an offering circular on Wednesday.
China International Capital Corp., Bocom International, Zhongtai International, BOC International, Soochow Securities Co., Ltd., Hua Xia Bank Co., Ltd., Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch, China Zheshang Bank Co., Ltd. (Hong Kong Branch), China Galaxy International and Guotai Junan International are the joint lead managers and joint bookrunners for the Regulation S offering, with China International, Bocom, Zhongtai, BOC and Soochow also acting as joint global coordinators.
Proceeds will be used for project construction and supplementing working capital.
Listing for the bonds is expected on the Chongwa (Macao) Exchange effective March 29.
The company is a municipal-owned enterprise with the goal of accelerating construction in the West Coast New Area and is based in Qingdao, China.
| Issuer: | Qingdao West Coast New Area Ocean Holding Group Co., Ltd.
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| Amount: | RMB 1 billion
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| Issue: | Bonds
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| Maturity: | March 28, 2026
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| Bookrunners: | China International Capital Corp., Bocom International, Zhongtai International, BOC International, Soochow Securities Co., Ltd., Hua Xia Bank Co., Ltd., Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch, China Zheshang Bank Co., Ltd. (Hong Kong Branch), China Galaxy International and Guotai Junan International
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| Trustee: | China Central Depository & Clearing Co., Ltd., Shanghai Branch (as principal paying agent, transfer agent and registrar)
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| Counsel to issuer: | Clifford Chance (England, Hong Kong), JunHe LLP (China)
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| Counsel to underwriters: | Linklaters (England, Hong Kong), Jingtian & Gongcheng (China)
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| Coupon: | 5½%
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| Price: | Par
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| Yield: | 5½%
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| Call: | For taxation reasons at par plus interest
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| Change of control: | At 101 plus interest
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| Pricing date: | March 23
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| Issue date: | March 28
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| Listing date: | March 29
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| Distribution: | Regulation S
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