Published on 3/19/2024 in the Prospect News Emerging Markets Daily.
New Issue: China’s Weihai Huantong prices RMB 581 million of 7˝% notes due 2027
By William Gullotti
Buffalo, N.Y., March 19 – Weihai Huantong Industrial Investment Group Co., Ltd. priced RMB 581 million of 7˝% notes due 2027 at par, according to multiple listing documents.
CEB International, Golden Rich Securities, Fortune Origin Securities Ltd., Shenwan Hongyuan (H.K.), CNI Securities Group Ltd., Orient Securities Ltd., Sigma Capital, Haitong International, Yunrui Securities Ltd., China Galaxy International, Yuan Tong Global Securities, Conrad Investment, Cinda International, ICD Securities and Tung Yat Securities Ltd. are the joint lead managers and joint bookrunners for the offering, with CEB, Golden Rich and Fortune Origin also serving as joint global coordinators.
Proceeds will be used for project construction and to replenish working capital.
Listing for the Regulation S notes is expected on the Chongwa (Macao) Exchange effective March 19.
The issuer is an investment and financing platform in Weihai City’s Huancui District, located in China’s Shandong Province.
| Issuer: | Weihai Huantong Industrial Investment Group Co., Ltd.
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| Amount: | RMB 581 million
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| Issue: | Notes
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| Maturity: | March 18, 2027
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| Bookrunners: | CEB International, Golden Rich Securities, Fortune Origin Securities Ltd., Shenwan Hongyuan (H.K.), CNI Securities Group Ltd., Orient Securities Ltd., Sigma Capital, Haitong International, Yunrui Securities Ltd., China Galaxy International, Yuan Tong Global Securities, Conrad Investment, Cinda International, ICD Securities and Tung Yat Securities Ltd.
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| Trustee: | CMB Wing Lung (Trustee) Ltd.
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| Counsel to underwriters: | Clifford Chance (England, Hong Kong), Beijing DeHeng Law Offices (China)
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| Coupon: | 7˝%
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| Price: | Par
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| Yield: | 7˝%
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| Call: | For taxation reasons at par plus interest
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| Puts: | At 101 plus interest for a change of control; at par plus interest for a no registration event
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| Pricing date: | March 13
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| Issue date: | March 18
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| Listing date: | March 19
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| Distribution: | Regulation S
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| ISIN: | XS2733407006
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