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Nan Hai Corporation Issued Its First Time Offshore USD-Denominated Notes First Day Orders Reached $1.1 Billion with a 3% Low Coupon Rate

Number of visits: Date:2017-05-26
(25 May 2017 – Hong Kong) Nan Hai Corporation Limited (“Nan Hai Corporation” or the “Company”; stock code on Hong Kong Stock Exchange: 00680.HK) is pleased to announce that, on 25 May 2017 the Company successfully issued offshore USD-denominated notes to raise $500 million capitals. The maturity period was 3 years with a coupon rate of 3%. The net proceeds from the notes will be used for general corporate purposes. The notes are expected to be listed and approved for trading on the Stock Exchange of Hong Kong on 26 May 2017.
 
First Day Orders Reached US$1.1 Billion
The notes had been paired with several cornerstone investors before pricing, and were enthusiastically subscribed by domestic and foreign investors on the pricing day. First day orders reached US$1.1 billion, including main Chinese banks, foreign banks and foreign private banks. The notes were successfully issued with an interest rate significantly lower than the industry average.
 
The issuance of offshore notes was supported by the Company’s use of an innovative “domestic standby letter of credit”. With full trust on its financial resources, China CITIC Bank (Shenzhen) issued a standby letter of credit for the Company. In addition, the Company appointed China CITIC Bank International as the Sole Global Coordinator, and BOC International and Huarong International Financial as the Joint Bookrunner and Joint Lead Manager.
 
The successful issuance of the offshore USD-denominated notes is the first time bond financing of Nan Hai Corporation in the Hong Kong market, implying both the Company’s diversified core business and financial performance have been recognized by international capital markets. The issuance not only strengthened the Company’s brand building, but also accelerated the formation of offshore investor groups. In the future, the financing will help to lower the Company’s financing cost, expand the Company’s financing channels, and further enhancing the Company’s capital operating capacity, so as to lay a more solid foundation for the development of the 3 aspects of culture and communications, real estate development and corporate IT application services, and the content industry’s comprehensive development, as well as play a positive role in the Company’s future development in the global market.

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