Published on 3/27/2024 in the Prospect News Emerging Markets Daily.
New Issue: China’s Weihai Huantong prices RMB 300 million of 7% notes due 2027
By William Gullotti
Buffalo, N.Y., March 27 – Weihai Huantong Industrial Investment Group Co., Ltd. priced RMB 300 million of 7% notes due 2027 at par, according to a listing notice and an offering circular on Wednesday.
CEB International, Golden Rich Securities, Golden Continent Securities Co., Ltd., Orient Securities Ltd., Shenwan Hongyuan (H.K.), Conrad Investment, Yuan Tong Global Securities, Shanghai Pudong Development Bank Hong Kong Branch and Tung Yat Securities Ltd. are the joint lead managers and joint bookrunners for the offering, with CEB, Golden Rich and Golden Continent 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 27.
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 300 million
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| Issue: | Notes
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| Maturity: | March 26, 2027
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| Bookrunners: | CEB International, Golden Rich Securities, Golden Continent Securities Co., Ltd., Orient Securities Ltd., Shenwan Hongyuan (H.K.), Conrad Investment, Yuan Tong Global Securities, Shanghai Pudong Development Bank Hong Kong Branch and Tung Yat Securities Ltd.
|
| 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 21
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| Issue date: | March 26
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| Listing date: | March 27
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| Distribution: | Regulation S
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| ISIN: | XS2790610120
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