By William Gullotti
Buffalo, N.Y., Oct. 24 – China’s Shandong Qihe International (Singapore) Pte., Ltd. priced RMB 410 million of 4.8% credit enhanced guaranteed bonds due 2024 at par, according to a listing notice and an offering circular on Tuesday.
The bonds will be guaranteed by the issuer’s indirect parent, Qihe Urban Investment Construction Group Co., Ltd., and supported by an irrevocable standby letter of credit issued by Evergrowing Bank Co., Ltd. Dezhou Branch.
Shenwan Hongyuan (H.K.), CEB International, China Citic Bank International and Glory Profit Capital Ltd. are the joint lead managers and joint bookrunners for the offering, with Shenwan also acting as sole global coordinator.
Proceeds will be used to finance the Qihe County Intelligent Industrial Park Construction Project and for replenishing working capital.
Listing for the Regulation S bonds is expected on the Chongwa (Macao) Exchange effective Oct. 24.
The issuer is an indirect and wholly owned subsidiary of the guarantor. The guarantor is an infrastructure construction entity based in Qihe County of China’s Shandong Province.
| Issuer: | Shandong Qihe International (Singapore) Pte., Ltd.
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| Guarantor: | Qihe Urban Investment Construction Group Co., Ltd.
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| LoC issuer: | Evergrowing Bank Co., Ltd., Dezhou Branch
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| Amount: | RMB 410 million
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| Issue: | Credit enhanced guaranteed bonds
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| Maturity: | Nov. 20, 2024
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| Bookrunners: | Shenwan Hongyuan (H.K.), CEB International, China Citic Bank International and Glory Profit Capital Ltd.
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| Trustee: | CMB Wing Lung (Trustee) Ltd.
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| Counsel to issuer: | Mayer Brown (England, Hong Kong), Tahota Law Firm (China), Mayer Brown PK Wong & Nair Pte. Ltd. (Singapore)
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| Counsel to underwriters: | King & Wood Mallesons (England, Hong Kong), Yingke Law Firm (China)
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| Coupon: | 4.8%
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| Price: | Par
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| Yield: | 4.8%
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| Call option: | At par for tax reasons
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| Put options: | At par upon change of control or non-registration event occurs
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| Pricing date: | Oct. 13
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| Issue date: | Oct. 20
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| Listing date: | Oct. 24
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| Distribution: | Regulation S
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| ISIN: | HK0000946548
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