Admiralty Harbour is a credit-focused financial services firm based in Hong Kong.
Admiralty Harbour completes US$250m bond offering for Jiangsu Zhongnan Construction Group
Mar 2021
On 29 March 2021, Jiangsu Zhongnan Construction Group Co., Ltd. (000961.SZ) successfully issued US$250 million 11.5% 3NCNP2 Guaranteed Senior Notes due 2024. Admiralty Harbour acted as Joint Bookrunner and Joint Lead Manager for the new offering.

The US$250 million new notes consist of US$190,250,000 issued pursuant to the Exchange Offer for its outstanding US$500 million 10.875% senior notes due 2022 and US$59,750,000 issued pursuant to the Concurrent New Money Issuance. The outstanding 10.875% notes are puttable in June 2021 now traded at put price level. Amid the upward drifting of the 10y treasury yield, the shifting of the easing policy onshore and the local market shaking triggered by certain property names’ annual results, the risk arising from the uncertainty of exercising the put option magnifies. In view of that, the Company proactively managed and improved the maturity structure through the exchange offer plus new money issuance, where Admiralty Harbour advised on the transaction structure and major commercial terms. With the successful issuance the new notes, the refinancing risk in this year has been significantly released. Congratulations to Zhongnan!