In December 2021, JunHe, as the international legal advisor of the underwriter, assisted Chengdu Communications Investment Group Corporation Limited (“CCI”) to successfully issue dollar bonds.
The issue size of this bond offering was 600 million US dollars at a coupon rate of 2.20% for an offering period of 3 years and at a Fitch Rating of BBB+. On December 2, 2021, the bonds were listed on the Hong Kong Stock Exchange and on January 4, 2022, they were listed on the ChongWa (Macao) Financial Asset Exchange (MOX) and the Luxembourg Stock Exchange (LuxSE). This issuance set two records in a single dollar bond issued by local state-owned enterprises in Sichuan, with the largest issue size and the minimum issue coupon rate.
Established in 2007, CCI is a solely state-owned limited liability company integrating investment, construction, operation, and management of municipal transportation infrastructures, and is the only integrated transportation infrastructure investment, financing and operation platform in Chengdu City. It undertakes the investment, financing, development, construction and operation management of transportation infrastructure construction projects in Chengdu City. CCI has formed a “3+7” industrial layout comprising of the three core industries of highways, railways and airlines, and seven supporting businesses of industry development, transportation logistics, intelligent parking, smart transportation, urban comprehensive operation of the district, engineering construction and capital operation.
During the Project, JunHe’s team drafted the whole set of transaction documents, conducted legal due diligence, participated in the negotiation of transaction documents, arranged for closing, issued legal opinions, and provided legal services during the whole process.
This Project was led by partner Chris Tang , and partners Lee, Alex Jao Jang and Stephen Wozencroft also provided great support to this Project.