By William Gullotti
Buffalo, N.Y., Oct. 20 – Dongfeng Motor (Hong Kong) International Co., Ltd., a wholly owned subsidiary of Dongfeng Motor Group Co. Ltd., priced €725 million of 0.425% guaranteed notes (A2//A) due 2024 at par, according to an offering circular on Wednesday.
The notes will be guaranteed by the parent company.
There is a make-whole call at Bunds plus 20 basis points until one month before the maturity date, when the notes will be callable at par.
Dongfeng may redeem the notes at any time for taxation reasons at par plus interest.
Bank of China and Deutsche Bank are the joint global coordinators, joint lead managers and joint bookrunners for the offering.
Also serving as joint lead managers and joint bookrunners are Agricultural Bank of China Limited, Hong Kong Branch, Bank of Communications, BNP Paribas, China Citic Bank International, China Construction Bank (Asia), China International Capital Corp., CLSA, CMBC Capital, DBS Bank Ltd., ICBC International and Shanghai Pudong Development Bank Hong Kong Branch.
Listing for the Regulation S notes is expected on the Hong Kong Exchange effective Oct. 20.
Proceeds will be used to refinance existing debt and for general corporate purposes.
The issuer offers investment services.
| Issuer: | Dongfeng Motor (Hong Kong) International Co., Ltd.
|
| Guarantor: | Dongfeng Motor Group Co. Ltd.
|
| Issue: | Guaranteed notes
|
| Amount: | €725 million
|
| Maturity: | Oct. 19, 2024
|
| Bookrunners: | Bank of China, Deutsche Bank, Agricultural Bank of China Limited, Hong Kong Branch, Bank of Communications, BNP Paribas, China Citic Bank International, China Construction Bank (Asia), China International Capital Corp., CLSA, CMBC Capital, DBS Bank Ltd., ICBC International and Shanghai Pudong Development Bank Hong Kong Branch
|
| Trustee: | Bank of China (Hong Kong) Trustees Ltd.
|
| Counsel to issuer: | Clifford Chance (English), Commerce & Finance Law Offices (China)
|
| Counsel to bookrunners: | Latham & Watkins LLP (English), Zhong Lun Law Firm (China)
|
| Coupon: | 0.425%
|
| Price: | Par
|
| Yield: | 0.425%
|
| Call features: | Make-whole call at Bunds plus 20 bps until Sept. 19, 2024; thereafter at par; any time for taxation reasons at par
|
| Change of control: | At 101
|
| Registration event: | At par
|
| Pricing date: | Oct. 12
|
| Issue date: | Oct. 19
|
| Listing date: | Oct. 20
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
| Distribution: | Regulation S
|
| ISIN: | XS2394012103
|
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