By William Gullotti
Buffalo, N.Y., June 30 – Hengrui International (BVI) Co., Ltd. sold RMB 200 million 5½% credit enhanced guaranteed bonds due 2026 at par, according to a listing notice and an offering circular on Friday.
The Regulation S bonds are guaranteed by parent company Zibo Zhangdian District State-owned Assets Operation Co., Ltd. and are supported by an irrevocable standby letter of credit issued by Qi Shang Bank Co., Ltd.
Zhongtai International, Haitong Bank, Macau Branch and China Zheshang Bank Co., Ltd. (Hong Kong Branch) are bookrunners, with Zhongtai and Haitong also acting as joint global coordinators.
Proceeds will be used for project investment and supplementing working capital.
Listing for the bonds is expected on the Chongwa (Macao) Exchange effective June 30.
The issuer is a wholly owned subsidiary of the guarantor, incorporated in the British Virgin Islands on May 25, 2022. The guarantor is a state-owned enterprise in China’s Zhangdian District, engaging in businesses that include engineering, real estate management, human resources services, public utilities, state-owned asset operations and trading.
| Issuer: | Hengrui International (BVI) Co., Ltd.
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| Guarantor: | Zibo Zhangdian District State-owned Assets Operation Co., Ltd.
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| LoC issuer: | Qi Shang Bank Co., Ltd.
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| Amount: | RMB 200 million
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| Issue: | Credit enhanced guaranteed bonds
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| Maturity: | June 29, 2026
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| Bookrunners: | Zhongtai International, Haitong Bank, Macau Branch and China Zheshang Bank Co., Ltd. (Hong Kong Branch)
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| Trustee: | China Construction Bank (Asia) Corp., Ltd.
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| Counsel to issuer: | Morgan, Lewis & Bockius (England), Shandong Jointide (Jinan) Law Firm (China)
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| Counsel to underwriters: | Herbert Smith Freehills (England, Hong Kong), Grandall Law Firm (Jinan) (China), Ogier (BVI)
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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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| Puts: | At par plus interest for a change of control or no registration event
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| Pricing date: | June 26
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| Issue date: | June 29
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| Listing date: | June 30
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| Distribution: | Regulation S
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| ISIN: | XS2644080595
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