New Issue: Hong Kong's CLP Power prices $600 million notes due 2023, 2027

By Christine Van Dusen

Atlanta, Oct. 18 - CLP Power Hong Kong Financing Ltd. priced a two-tranche issue of $600 million notes due in 2023 and 2027 (A/A/) in a Regulation S-only deal, a market source said.

The deal included $300 million 2 7/8% notes due April 26, 2023 that priced at 98.917 to yield 2.996%, or Treasuries plus 120 basis points.

The second tranche totaled $300 million 3 3/8% notes due Oct. 26, 2027 that priced at 99.174 to yield 3.446%, or Treasuries plus 170 bps.

The notes are part of CLP's $3.5 billion medium-term note program and are guaranteed by CLP Power Hong Kong Ltd., a Hong Kong-based electric company.

Issuer:	CLP Power Hong Kong Financing Ltd.
Guarantor:	CLP Power Hong Kong Ltd.
Amount:	$600 million
Description:	Senior notes
Bookrunners:	Citigroup, Goldman Sachs, HSBC, Mitsubishi UFJ, Standard Chartered
Trade date:	Oct. 18
Settlement date:	Oct. 26
Ratings:	Moody's: A1
	Standard & Poor's: A
Distribution:	Regulation S only
Notes due 2023
Amount:	$300 million
Maturity:	April 26, 2023
Coupon:	2 7/8%
Price:	98.917
Yield:	2.996%
Spread:	Treasuries plus 120 bps
Notes due 2027
Amount:	$300 million
Maturity:	Oct. 26, 2027
Coupon:	3 3/8%
Price:	99.174
Yield:	3.446%
Spread:	Treasuries plus 170 bps

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