New Issue: Shandong Hi-Speed’s THI prices $300 million 5.1% guaranteed bonds due 2026 at par

By William Gullotti

Buffalo, N.Y., May 22 – THI Capital Co., Ltd., a subsidiary of Shandong Hi-Speed Group Co., Ltd., priced $300 million 5.1% guaranteed bonds due 2026 (A3//A) at par, according to a listing notice and an offering circular on Monday.

The Regulation S bonds will be issued by the subsidiary and guaranteed by the parent.

ICBC International, Shenwan Hongyuan (H.K.), Orient Securities (Hong Kong), SunRiver International Securities, Zhongtai International, ABC International, Bank of Communications, CCB International, CEB International, China Citic Bank International, China Everbright Bank Hong Kong Branch, China Galaxy International, China International Capital Corp., China Minsheng Banking Corp., Ltd., Hong Kong Branch, China Securities International, Citic Securities, CMBC Capital, CMB International, CMB Wing Lung Bank Ltd., CNCB Capital, Guotai Junan International, Haitong International, Hua Xia Bank Co., Ltd., Hong Kong Branch, ICBC (Macau), SDHG, Shanghai Pudong Development Bank Hong Kong Branch, SMBC Nikko and TF International are the joint lead managers and joint bookrunners for the offering, with ICBC International, Shenwan, Orient, SunRiver and Zhongtai also acting as joint global coordinators.

Proceeds will be primarily used for replenishing working capital.

Listings for the bonds are expected on both the Singapore Exchange and the Chongwa (Macao) Exchange, with the Macao listing expected to be effective May 22.

The issuer is an indirect, majority-owned subsidiary of the guarantor that was incorporated in the British Virgin Island on Nov. 14, 2022. The guarantor, via its subsidiaries and affiliates, is engaged in the investment, construction, operation and management of various transportation and infrastructure facilities in China’s Shandong Province.

Issuer:	THI Capital Co., Ltd.
Guarantor:	Shandong Hi-Speed Group Co., Ltd.
Amount:	$300 million
Issue:	Guaranteed bonds
Maturity:	May 19, 2026
Bookrunners:	ICBC International, Shenwan Hongyuan (H.K.), Orient Securities (Hong Kong), SunRiver International Securities, Zhongtai International, ABC International, Bank of Communications, CCB International, CEB International, China Citic Bank International, China Everbright Bank Hong Kong Branch, China Galaxy International, China International Capital Corp., China Minsheng Banking Corp., Ltd., Hong Kong Branch, China Securities International, Citic Securities, CMBC Capital, CMB International, CMB Wing Lung Bank Ltd., CNCB Capital, Guotai Junan International, Haitong International, Hua Xia Bank Co., Ltd., Hong Kong Branch, ICBC (Macau), SDHG, Shanghai Pudong Development Bank Hong Kong Branch, SMBC Nikko and TF International
Trustee:	Bank of Communications Trustee Ltd.
Counsel to issuer:	Linklaters (England, Hong Kong), DeHeng (China), Walkers (Hong Kong) (BVI)
Counsel to underwriters:	Davis Polk & Wardwell (England, Hong Kong), Jingtian & Gongcheng (China)
Coupon:	5.1%
Price:	Par
Yield:	5.1%
Call:	For taxation reasons at par plus interest
Puts:	At 101 plus interest for a change of control; at par plus interest for a no registration event
Pricing date:	May 16
Issue date:	May 19
Listing date:	May 22
Ratings:	Moody’s: A3
	Fitch: A
Distribution:	Regulation S
ISIN:	XS2616460056

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