By Rebecca Melvin
New York, March 16 – BAIC Finance Investment Co. Ltd. has priced $350 million 2% three-year notes guaranteed by BAIC Motor Corp. Ltd. (BBB/BBB+), according to a listing announcement.
Joint bookrunners and joint lead managers of the Regulation S notes are DBS Bank Ltd., Bank of Communications, China Everbright Bank Hong Kong Branch, China Citic Bank International, China International Capital Corp., China PA Securities (Hong Kong) Co. Ltd., Industrial Bank Co., Ltd. Hong Kong Branch and CMBC Capital.
Proceeds of the guaranteed notes are expected to be used for refinancing debt and replenishing working capital. Listing of the notes on the Stock Exchange of Hong Kong Ltd. was expected to become effective on March 17.
BAIC Motor is a subsidiary of Beijing-based automaker Beijing Automotive Industry Holding Co., Ltd.
| Issuer: | BAIC Finance Investment Co. Ltd.
|
| Guarantor: | BAIC Motor Corp. Ltd.
|
| Issue: | Guaranteed notes
|
| Amount: | $350 million
|
| Maturity: | 2024
|
| Bookrunners: | DBS Bank Ltd., Bank of Communications, China Everbright Bank Hong Kong Branch, China Citic Bank International, China International Capital Corp., China PA Securities (Hong Kong) Co. Ltd., Industrial Bank Co., Ltd. Hong Kong Branch and CMBC Capital
|
| Coupon: | 2%
|
| Distribution: | Regulation S
|
| Ratings: | S&P: BBB
|
| Fitch: BBB+
|
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