By William Gullotti
Buffalo, N.Y., Feb. 9 – China’s East China Industrial Development Group Co., Ltd. sold RMB 111 million of 5% credit-enhanced bonds due 2027 at par, according to a listing notice and an offering circular on Friday.
The bonds feature the benefit of a keepwell deed provided by parent company Huzhou Nanxun District State-owned Assets Investment Holding Co., Ltd. as well as an irrevocable standby letter of credit issued by Bank of Shaoxing Co., Ltd.
Sigma Capital, China Citic Bank International, GF Securities, CMB Wing Lung Bank Ltd., China Galaxy International and Haitong International are the joint lead managers and joint bookrunners for the offering, with Sigma and China Citic also serving as joint global coordinators.
Proceeds will be used for certain construction projects and to replenish working capital.
Listing for the Regulation S bonds is expected on the Chongwa (Macao) Exchange effective Feb. 9.
The issuer is a wholly owned subsidiary of the keepwell provider, incorporated in Hong Kong on Nov. 1, 2023. The keepwell provider is a local infrastructure and finance company based in Nanxun District, Huzhou City of China’s Zhejiang Province.
| Issuer: | East China Industrial Development Group Co., Ltd.
|
| Keepwell: | Huzhou Nanxun District State-owned Assets Investment Holding Co., Ltd.
|
| LoC issuer: | Bank of Shaoxing Co., Ltd.
|
| Amount: | RMB 111 million
|
| Issue: | Credit-enhanced bonds
|
| Maturity: | Feb. 8, 2027
|
| Bookrunners: | Sigma Capital, China Citic Bank International, GF Securities, CMB Wing Lung Bank Ltd., China Galaxy International and Haitong International
|
| Trustee: | CMB Wing Lung (Trustee) Ltd.
|
| Counsel to underwriters: | Linklaters (England, Hong Kong), Jingtian & Gongcheng (China)
|
| Coupon: | 5%
|
| Price: | Par
|
| Yield: | 5%
|
| Call: | For taxation reasons at par plus interest
|
| Change of control: | At par plus interest
|
| Pricing date: | Feb. 5
|
| Issue date: | Feb. 8
|
| Listing date: | Feb. 9
|
| Distribution: | Regulation S
|
| ISIN: | XS2761632210
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
