By Christine Van Dusen
Atlanta, Nov. 7 - China Overseas Land & Investment priced $1 billion of 10- and 30-year notes (Baa2/BBB/) on Wednesday in a Regulation S deal, a market source said.
BOCI, Citigroup, BNP Paribas, Goldman Sachs and UBS were the bookrunners for the deal.
The transaction included $700 million 3.95% notes due in 2022 that priced at 99.665 to yield Treasuries plus 235 basis points. The tranche was talked at Treasuries plus 235 bps to 240 bps.
The second tranche, $300 million 5.35% notes due in 2042, came to the market at 99.792 to yield Treasuries plus 255 bps. The notes were talked at Treasuries plus 255 bps to 260 bps.
China Overseas is a Hong Kong-based construction and development company.
| Issuer: | China Overseas Land & Investment
|
| Amount: | $1 billion
|
| Description: | Senior notes
|
| Bookrunners: | BOCI, Citigroup, BNP Paribas, Goldman Sachs, UBS
|
| Trade date: | Nov. 7
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB
|
| Distribution: | Regulation S
|
|
|
| 10-year notes
|
| Amount: | $700 million
|
| Maturity: | Nov. 15, 2022
|
| Coupon: | 3.95%
|
| Price: | 99.665
|
| Spread: | Treasuries plus 235 bps
|
| Price talk: | Treasuries plus 235 bps to 240 bps
|
|
|
| 30-year notes
|
| Amount: | $300 million
|
| Maturity: | 2042
|
| Coupon: | 5.35%
|
| Price: | 99.792
|
| Spread: | Treasuries plus 255 bps
|
| Price talk: | Treasuries plus 255 bps to 260 bps
|
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