By Aaron Hochman-Zimmerman
New York, June 9 - China Merchants Holdings Ltd. (Baa2/BBB/) priced $500 million of notes in two parts through bookrunner Merrill Lynch, according to a market source.
The $300 million five-year tranche priced at 99.521 with a coupon of 6 1/8% and a spread of 200 basis points over mid-swaps. The tranche came in the middle of talk for a spread in the mid-swaps plus 200 bps area.
The $200 million 10-year tranche priced at 99.073 with a coupon of 7 1/8% and a spread of 250 bps over mid-swaps. The tranche came at the wide end of talk for a spread of mid-swaps plus 237.5 bps to 250 bps.
There is a change-of-control put at 101.
China Merchants is a Hong Kong-based port management firm.
| Issuer: | China Merchants Holdings Ltd.
|
| Amount: | $500 million
|
| Bookrunner: | Merrill Lynch |
|
| Pricing date: | June 6
|
| Settlement date: | June 18
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB
|
|
|
| Five-year tranche
|
| Issue: | Notes
|
| Amount: | $300 million
|
| Maturity: | April 3, 2018
|
| Coupon: | 6 1/8%
|
| Price: | 99.521
|
| Spread: | Treasuries plus 200 bps
|
| Price talk: | Mid-swaps plus 200 bps area
|
|
|
| Ten-year tranche
|
| Issue: | Notes
|
| Amount: | $200 million
|
| Maturity: | June 18, 2018
|
| Coupon: | 7 1/8%
|
| Price: | 99.073
|
| Spread: | Mid-swaps plus 250 bps
|
| Price talk: | Mid-swaps plus 237.5 bps to 250 bps
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
