By William Gullotti
Buffalo, N.Y., Feb. 7 – Kaifeng Cultural Tourism Investment Group Co., Ltd. sold another RMB 150 million of 8½% bonds due 2026 at par, according to a listing notice and an offering circular on Wednesday.
The additional Regulation S bonds will be consolidated with the initial RMB 590 million issued Feb. 5, under the same ISIN and indenture, to form a single series.
JA Securities and China Galaxy International reprised their roles as placing agents for the tap offering, joined by Conrad Investment Services Ltd.
As with the initial offering, proceeds will be used for the construction of the 960 Non-Heritage Cultural and Creative Park Project and the Surrounding City Wall Exhibition and Utilisation Project, as well as for replenishing working capital.
The additional bonds will be added to the initial series, listed Feb. 6 on the Chongwa (Macao) Exchange, effective Feb. 7.
The issuer mainly operates in China’s Kaifeng City and is the only authorized state-owned enterprise for the integration, development, construction and operation of cultural and tourism resources. Its other businesses include state-owned asset operation, infrastructure investment, financing and construction.
| Issuer: | Kaifeng Cultural Tourism Investment Group Co., Ltd.
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| Amount: | RMB 150 million, add-on
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| Issue: | Bonds
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| Maturity: | Feb. 5, 2026
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| Placing agents: | JA Securities, China Galaxy International, Conrad Investment Services Ltd.
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| Trustee: | China Citic Bank International Ltd.
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| Counsel to issuer: | Tian Yuan Law Firm LLP (England)
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| Counsel to underwriters: | DeHeng Law Offices (Hong Kong) LLP (England, Hong Kong), Jincheng Tongda & Neal Law Firm (Shenzhen) (China)
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| Coupon: | 8½%
|
| Price: | Par, plus accrued and unpaid interest from Feb. 5
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| Yield: | 8½%
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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: | Feb. 2
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| Issue date: | Feb. 6
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| Listing date: | Feb. 7
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| Distribution: | Regulation S
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| ISIN: | XS2753797278
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| Total issue: | RMB 740 million, including RMB 590 million issued Feb. 5
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