Chicago, April 29 – Talent Yield International Ltd. sold $700 million of notes in two parts (Baa1/BBB+), according to an offering document.
The notes, which are guaranteed by parent Beijing Enterprises Holdings Ltd., include $300 million of 2% guaranteed bonds due 2026 and $400 million of 3 1/8% guaranteed bonds due 2031.
The 2% bonds sold at 99.495, and the 3 1/8% bonds had a discount of 98.696.
Proceeds will be used to refinance existing offshore debt.
The notes have a make-whole redemption option at any time based on a Treasuries plus 20 basis points premium.
Bank of China (Hong Kong) Ltd., DBS Bank Ltd., HSBC Ltd., Mizuho Securities Asia Ltd., Standard Chartered Bank, CCB International Capital Ltd., China Citic Bank International Ltd., China Everbright Bank Co., Ltd., Hong Kong Branch, China International Capital Corp. Hong Kong Securities Ltd., Credit Agricole CIB and Industrial and Commercial Bank of China (Asia) Ltd. are bookrunners for the Regulation S issue.
Bank of China, DBS Bank, HSBC, Mizuho and Standard Chartered Bank are also joint global coordinators.
| Issuer: | Talent Yield International Ltd.
|
| Guarantor: | Beijing Enterprises Holdings Ltd.
|
| Issue: | Notes
|
| Amount: | $700 million
|
| Bookrunners: | Bank of China (Hong Kong) Ltd., DBS Bank Ltd., HSBC Ltd., Mizuho Securities Asia Ltd., Standard Chartered Bank, CCB International Capital Ltd., China Citic Bank International Ltd., China Everbright Bank Co., Ltd., Hong Kong Branch, China International Capital Corp. Hong Kong Securities Ltd., Credit Agricole CIB and Industrial and Commercial Bank of China (Asia) Ltd.
|
| Call features: | Make-whole redemption at any time at Treasuries plus 20 bps
|
| Trade date: | April 28
|
| Settlement date: | May 6
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB+
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| Distribution: | Regulation S
|
|
|
| Series 1 bonds
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| Amount: | $300 million
|
| Maturity: | 2026
|
| Coupon: | 2%
|
| Price: | 99.495
|
|
|
| Series 2 bonds
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| Amount: | $400 million
|
| Maturity: | 2031
|
| Coupon: | 3 1/8%
|
| Price: | 98.696
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