New Issue: PowerChina’s Sepco Virgin sells $300 million 3.55% senior perpetuals

By Marisa Wong

Los Angeles, Oct. 25 – Power Construction Corp. of China (PowerChina) issued $300 million of 3.55% senior perpetual securities (Baa1) through Sepco Virgin Ltd. The securities are guaranteed by PowerChina.

BOCI Asia Ltd., Standard Chartered Bank, CCB International Capital Ltd., CLSA Ltd., DBS Bank Ltd., CMBC Securities Co. Ltd., CMB Wing Lung Bank Ltd., Mizuho Securities Asia Ltd. and Ping An of China Securities (Hong Kong) Co. Ltd. are the lead managers and joint bookrunners.

PowerChina is a Beijing-based contracting, investment and real estate development company.

Issuer:	Sepco Virgin Ltd.
Guarantor:	Power Construction Corp. of China
Issue:	Senior perpetual securities
Amount:	$300 million
Bookrunners:	BOCI Asia Ltd., Standard Chartered Bank, CCB International Capital Ltd., CLSA Ltd., DBS Bank Ltd., CMBC Securities Co. Ltd., CMB Wing Lung Bank Ltd., Mizuho Securities Asia Ltd. and Ping An of China Securities (Hong Kong) Co. Ltd.
Coupon:	3.55%
Settlement date:	Oct. 25
Rating:	Moody’s: Baa1

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