Published on 3/25/2024 in the Prospect News Emerging Markets Daily.
New Issue: China’s Luoyang Guoyuan prices RMB 170 million 7½% bonds due 2027 at par
By William Gullotti
Buffalo, N.Y., March 25 – Luoyang Guoyuan Investment Holding Group Co., Ltd. sold RMB 170 million of 7½% bonds due 2027 at par, according to a listing notice and an offering circular on Monday.
Shenwan Hongyuan (H.K.), TF International, Wilson Securities, China Galaxy International, Wanhai Sec HK, Yuan Tong Global Securities, Alpine Securities, Far East Horizon International and Tung Yat Securities Ltd. are the joint global coordinators, joint lead managers and joint bookrunners for the offering.
Proceeds will be used to finance construction projects and for replenishing working capital.
Listing for the Regulation S bonds is expected on the Chongwa (Macao) Exchange effective March 25.
The group is the core operating entity for infrastructure construction and affordable housing construction in the Jianxi District of Luoyang City, located in China’s Henan Province.
| Issuer: | Luoyang Guoyuan Investment Holding Group Co., Ltd.
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| Amount: | RMB 170 million
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| Issue: | Bonds
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| Maturity: | March 22, 2027
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| Bookrunners: | Shenwan Hongyuan (H.K.), TF International, Wilson Securities, China Galaxy International, Wanhai Sec HK, Yuan Tong Global Securities, Alpine Securities, Far East Horizon International and Tung Yat Securities Ltd.
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| Trustee: | China Construction Bank (Asia) Corp., Ltd.
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| Counsel to issuer: | Hunan Jin Hou Law Firm (China)
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| Counsel to underwriters: | DeHeng Law Offices (Hong Kong) LLP (England, Hong Kong), Hunan Senli Law Firm (China)
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| Coupon: | 7½%
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| Price: | Par
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| Yield: | 7½%
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| Call: | For taxation reasons at par
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| Puts: | At 101 for a change of control; at par for a no registration event
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| Pricing date: | March 19
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| Issue date: | March 22
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| Listing date: | March 25
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| Distribution: | Regulation S
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| ISIN: | XS2790628924
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