Published on 4/25/2024 in the Prospect News Emerging Markets Daily.
New Issue: China’s Weihai Huantong sells RMB 128.5 million 7% notes due 2026
By William Gullotti
Buffalo, N.Y., April 25 – Weihai Huantong Industrial Investment Group Co., Ltd. priced RMB 128.5 million of 7% notes due 2026 at par, according to a listing notice and an offering circular on Thursday.
CEB International, Golden Rich Securities, CNI Securities Group Ltd., Huaan Securities (Hong Kong), Shenwan Hongyuan (H.K.), Haitong International, Shanggu Asset Management (Asia) Ltd., CF Securities Ltd. and Yunrui Securities Ltd. are the joint lead managers and joint bookrunners for the offering, with CEB and Golden Rich 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 April 25, marking Weihai’s fourth offering since March 18.
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 128.5 million
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| Issue: | Notes
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| Maturity: | April 24, 2026
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| Bookrunners: | CEB International, Golden Rich Securities, CNI Securities Group Ltd., Huaan Securities (Hong Kong), Shenwan Hongyuan (H.K.), Haitong International, Shanggu Asset Management (Asia) Ltd., CF Securities Ltd. and Yunrui 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: | April 19
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| Issue date: | April 24
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| Listing date: | April 25
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| Distribution: | Regulation S
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| ISIN: | XS2800358231
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