By William Gullotti
Buffalo, N.Y., Dec. 29 – Shandong Qihe International (Singapore) Pte., Ltd. priced an additional RMB 78 million of 7.8% guaranteed bonds due 2026 at par, according to a listing notice and an offering circular on Friday.
The add-on will be consolidated with the initial RMB 418.5 million issued Nov. 23 to form a single series after settlement, subject to the same indenture.
The bonds will be guaranteed by the issuer’s indirect parent, Qihe Urban Investment Construction Group Co., Ltd.
Bowlea Securities, Tensant Securities, Cinda International, China Galaxy International and Shenwan Hongyuan (H.K.) are the joint lead managers and joint bookrunners for the tap offering, with all but Shenwan also serving as joint global coordinators.
As with the initial offering, proceeds will be used to finance the Qihe County Intelligent Industrial Park Construction Project and for replenishing working capital.
The additional Regulation S bonds are expected to be listed under a temporary ISIN on the Chongwa (Macao) Exchange effective Dec. 29.
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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| Amount: | RMB 78 million
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| Issue: | Guaranteed bonds add-on
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| Maturity: | Nov. 23, 2026
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| Bookrunners: | Bowlea Securities, Tensant Securities, Cinda International, China Galaxy International and Shenwan Hongyuan (H.K.)
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| Trustee: | CMB Wing Lung (Trustee) Ltd.
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| Counsel to issuer: | Mayer Brown PK Wong & Nair Pte. Ltd. (Singapore)
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| Counsel to underwriters: | DeHeng Law Offices (Hong Kong) LLP (England, Hong Kong), Yingke Law Firm (China)
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| Coupon: | 7.8%
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| Price: | Par plus accrued interest from Nov. 23 to Dec. 27 (inclusive)
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| Yield: | 7.8%
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| Call option: | At par for tax reasons
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| Put options: | At 101 upon change of control; at par for non-registration event
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| Pricing date: | Dec. 18
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| Issue date: | Dec. 28
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| Listing date: | Dec. 29
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| Distribution: | Regulation S
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| ISINs: | XS2736383261 (temporary, pre-consolidation), XS2721299597
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| Total issue: | RMB 496.5 million, including RMB 418.5 million issued Nov. 23
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