By William Gullotti
Buffalo, N.Y., Dec. 12 – Zoucheng City Investment Holdings International Co., Ltd. issued RMB 420 million of 7.8% 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, Zoucheng Urban Assets Holding Group Co., Ltd.
Excellent Tide, Valuable Capital Ltd., Zhongtai International and AMC Wanhai Securities are the joint lead managers and joint bookrunners for the offering, with Excellent Tide and Valuable Capital also acting as joint global coordinators.
Proceeds will be used to repay bonds and for replenishing working capital.
Listing for the Regulation S bonds is expected on the Chongwa (Macao) Exchange effective Dec. 12.
The issuer is an indirect and wholly owned subsidiary of the guarantor incorporated in the British Virgin Islands. The guarantor is an urban development, investment and infrastructure construction entity based in Zoucheng City of China’s Shandong Province.
| Issuer: | Zoucheng City Investment Holdings International Co., Ltd.
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| Guarantor: | Zoucheng Urban Assets Holding Group Co., Ltd.
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| Amount: | RMB 420 million
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| Issue: | Guaranteed bonds
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| Maturity: | Dec. 9, 2024
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| Bookrunners: | Excellent Tide, Valuable Capital Ltd., Zhongtai International and AMC Wanhai Securities
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| Trustee: | China Construction Bank (Asia) Corp., Ltd.
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| Counsel to issuer: | Ogier (BVI)
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| Counsel to underwriters: | Linklaters (England, Hong Kong), AllBright Law Offices (China)
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| Coupon: | 7.8%
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| Price: | Par
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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 a no registration event
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| Pricing date: | Dec. 6
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| Issue date: | Dec. 11
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| Listing date: | Dec. 12
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| Distribution: | Regulation S
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| ISIN: | XS2727402591
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