Published on 1/30/2024 in the Prospect News Emerging Markets Daily.
New Issue: Hainan State Farms unit prices $300 million 6.2% guaranteed bonds due 2027 at par
By William Gullotti
Buffalo, N.Y., Jan. 30 – China’s Hainan State Farms International Capital (HK) Co., Ltd. sold $300 million of 6.2% guaranteed bonds due 2027 (//BBB) at par, according to a listing notice with an appended offering circular on Tuesday.
The bonds are guaranteed by parent company Hainan State Farms Investment Holdings Group Co., Ltd.
The bonds may be redeemed at the issuer’s option at the greater the sum of the remaining scheduled interest payments, discounted at Treasuries without adjustment, and par.
The bonds may not be optionally put.
China International Capital Corp., ICBC International, Bank of China, ICBC (Macau), Hua Xia Bank Co., Ltd., Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch, ICBC (Europe) SA, Shanghai Pudong Development Bank Hong Kong Branch, Bank of Communications, CNCB Capital, CMB Wing Lung Bank Ltd., China Galaxy International, Guotai Junan International, Haitong International, Citic Securities, Bocom International, DBS Bank Ltd., CEB International, China Industrial Securities International and CMBC Capital are the joint lead managers and joint bookrunners.
China International Capital, ICBC International and Bank of China are also serving as joint global coordinators, with China International acting as lead.
Proceeds from the Regulation S sale will be used to refinance existing offshore debt.
Listing is expected on the Hong Kong Exchange effective Jan. 30.
Hainan State Farms Investment Holdings is a Haikou, China-based investment company.
| Issuer: | Hainan State Farms International Capital (HK) Co., Ltd.
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| Guarantor: | Hainan State Farms Investment Holdings Group Co., Ltd.
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| Amount: | $300 million
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| Issue: | Guaranteed bonds
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| Maturity: | Jan. 29, 2027
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| Bookrunners: | China International Capital Corp., ICBC International, Bank of China, ICBC (Macau), Hua Xia Bank Co., Ltd., Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch, ICBC (Europe) SA, Shanghai Pudong Development Bank Hong Kong Branch, Bank of Communications, CNCB Capital, CMB Wing Lung Bank Ltd., China Galaxy International, Guotai Junan International, Haitong International, Citic Securities, Bocom International, DBS Bank Ltd., CEB International, China Industrial Securities International and CMBC Capital
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| Trustee: | China Citic Bank International Ltd.
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| Counsel to issuer: | Morgan, Lewis & Bockius (England, Hong Kong), Guangdong Kingbridge Law Firm (China)
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| Counsel to underwriters: | Jun He Law Offices (England), JunHe LLP (China)
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| Coupon: | 6.2%
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| Price: | Par
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| Yield: | 6.2%
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| Calls: | At the issuer’s option at the greater the sum of the remaining scheduled interest payments, discounted at Treasuries without adjustment, and par; 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: | Jan. 23
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| Issue date: | Jan. 29
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| Listing date: | Jan. 30
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| Rating: | Fitch: BBB
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| Distribution: | Regulation S
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| ISIN: | XS2752922810
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