Guantao advises a city-level urban investment platform on its private placement of corporate bonds and listing on the Shanghai Stock Exchange-北京观韬律师事务所

Guantao advises a city-level urban investment platform on its private placement of corporate bonds and listing on the Shanghai Stock Exchange

2024-10-16

HOME > GUANTAO NEWS > Deals > Guantao advises a city-level urban investment platform on its private placement of corporate bonds and listing on the Shanghai Stock Exchange

Guantao advises a city-level urban investment platform on its private placement of corporate bonds and listing on the Shanghai Stock Exchange

Guantao advised a city-level urban investment platform ("issuer") on its private placement of corporate bonds to professional investors, which were listed on the Shanghai Stock Exchange as of September 30, 2024.

The Shanghai Stock Exchange issued a no-objection letter for the application of the issuer for listing and transfer of the corporate bonds issued in a non-public manner. The registration scale was not more than RMB1.7325 billion, and a head securities company acted as the lead underwriter. The bonds were issued in installments, and the private placement of the corporate bonds (Phase I) by the issuer to professional investors in 2024 ended on September 25, 2024. The actual size of the bonds issued in this issue was RMB1.09 billion, with the final coupon rate of 5.00% and subscription times of 1.01 times.

The controlling shareholder of the issuer is the state-owned assets supervision and administration commission of the city holding 100% of the shares, and the actual controller is the people's government of the city. The registered capital is RMB2 billion, and the total assets exceed RMB75 billion. The core business sectors during the reporting period mainly include commissioned project construction, commercial housing sales, labor dispatch, and commodity sales.

The issuance of the bonds is conducive to relieving the issuer's short-term debt repayment pressure and optimizing the debt structure, follows the policy trend of "replacing high-interest bonds with low-interest bonds", and will play a positive role in the issuer's daily management, production and operation and debt repayment ability.

Guantao acted as the legal counsel for the bonds. The team was led by Mr. Xue Zhihong, and assisted by Xiao Yueyao and Wu Xing. They completed the due diligence, issued legal opinions, witnessed offline price inquiry and issuance and other professional legal services. After internal review by the members of the firm's examination group, they ultimately assisted the issuer in successfully issuing the bonds.

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