On 4th June 2019, Admiralty Harbour acted as a Joint Lead Manager for the US$160m 11% 3NPNC2 senior bond offering (the "Notes") for Xinhu Zhongbao Co., Ltd. (600208.SH, the "Company" or "Xinhu Zhongbao").
The issuer of the Notes is Xinhu BVI 2018 Holding, an indirectly wholly owned subsidiary of parent guarantor Xinhu Zhongbao. The guarantor is rated B2 Stable/B Stable/B- Stable (Moody's/S&P/Fitch), and the issue rating is B3/B- (Moody's/S&P). Use of proceeds is to refinance existing indebtedness and replenish working capital.
About Xinhu Zhongbao
Xinhu Zhongbao Co., Ltd. has been listed on Shanghai Stock Exchange since 1999, which primarily operations are real estate, finance, and other investments. Xinhu Zhongbao currently has over 30 real estate, commercial and cultural tourism projects under development in over 30 cities with a total developing area of 30 million square meters. It is also a shareholder of many financial institutions, such as banks, security houses, insurance companies and future brokers.