Chicago, Nov. 14 – Qingdao West Coast Development Group Co., Ltd. sold $300 million of 3.9% three-year notes (Baa3//BBB-), according to a news release.
Initial price guidance for the new issue was for a coupon of 4˝%.
Order books were in excess of $2.3 billion for the inaugural dollar-denominated notes from the issuer.
Proceeds will be used for financing domestic construction projects and refinancing offshore debt.
The company is a municipal-owned enterprise with the goal of accelerating construction in the West Coast New Area and is based in Qingdao, China.
Issuer: | Qingdao West Coast Development Group Co., Ltd.
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Issue: | Notes
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Amount: | $300 million
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Maturity: | Three years
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Coupon: | 3.9%
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Pricing date: | Nov. 13
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Ratings: | Moody’s: Baa3
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| Fitch: BBB-
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Marketing: | Roadshow
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Guidance: | 4˝% coupon
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