By William Gullotti
Buffalo, N.Y., Nov. 9 – Langya Overseas Co., Ltd. priced ¥3.9 billion 2.3% credit enhanced guaranteed notes due 2026 at par, according to a listing notice and an offering circular on Thursday.
The Regulation S notes are guaranteed by parent company Linyi Lanshan District Finance Investment Group Co., Ltd. and further supported by an irrevocable standby letter of credit issued by Bank of Qingdao Co., Ltd., Linyi Branch.
China International Capital Corp., Sigma Capital, Zhongtai International, Guotai Junan International, China Zheshang Bank Co., Ltd. (Hong Kong Branch) and Zhonghui International are the joint lead managers and joint bookrunners, with China International, Sigma, Zhongtai and Guotai Junan also serving as joint global coordinators.
Proceeds will be used for project construction and replenishing working capital.
Listing for the notes is expected on the Chongwa (Macao) Exchange effective Nov. 9.
The issuer is a special purpose financing entity incorporated in the British Virgin Islands in October 2022 and an indirect, wholly owned subsidiary of the guarantor. The guarantor is the major investment and financing platform for the management and operation of state-owned assets and the construction of infrastructure facilities in Linyi, China.
| Issuer: | Langya Overseas Co., Ltd.
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| Guarantor: | Linyi Lanshan District Finance Investment Group Co., Ltd.
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| LoC issuer: | Bank of Qingdao Co., Ltd., Linyi Branch
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| Amount: | ¥3.9 billion
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| Issue: | Credit enhanced guaranteed notes
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| Maturity: | Nov. 8, 2026
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| Bookrunners: | China International Capital Corp., Sigma Capital, Zhongtai International, Guotai Junan International, China Zheshang Bank Co., Ltd. (Hong Kong Branch) and Zhonghui International
|
| Trustee: | China Construction Bank (Asia) Corp., Ltd.
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| Counsel to issuer: | Jingtian & Gongcheng LLP (England), Shandong Qi Lu Law Firm (China), Ogier (BVI)
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| Counsel to underwriters: | Clifford Chance (England), JunHe LLP (China)
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| Coupon: | 2.3%
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| Price: | Par
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| Yield: | 2.3%
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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 non-registration event
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| Pricing date: | Nov. 1
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| Issue date: | Nov. 8
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| Listing date: | Nov. 9
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| Distribution: | Regulation S
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| ISIN: | XS2710033403
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