Published on 7/29/2022 in the Prospect News Emerging Markets Daily and Prospect News Green Finance Daily.
New Issue: China Three Gorges unit prices $300 million 3 5/8% guaranteed notes due 2025
Chicago, July 29 – China Three Gorges Corp.’s wholly owned subsidiary, Three Gorges Finance I (Cayman Islands) Ltd., issued $300 million of 3 5/8% guaranteed notes due 2025 (A1//A+), according to the offering circular for the notes.
China Three Gorges will guarantee the notes.
The notes are redeemable at a Treasuries plus 10 basis points make-whole premium before June 28, 2025. After that date, they are redeemable at par.
The joint global coordinators are Bank of China, Deutsche Bank, J.P. Morgan, ABC International and DBS Bank Ltd.
The joint lead managers and joint bookrunners are ICBC, China Construction Bank, Standard Chartered Bank, Mizuho Securities, Bank of Communications, CLSA, Citigroup, Morgan Stanley, UBS and Shanghai Pudong Development Bank Hong Kong Branch.
Proceeds from the Regulation S notes will be used to refinance certain debt and for general corporate purposes.
Three Gorges is a state-owned power company based in Beijing.
| Issuer: | Three Gorges Finance I (Cayman Islands) Ltd.
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| Guarantor: | China Three Gorges Corp.
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| Amount: | $300 million
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| Issue: | Guaranteed notes
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| Maturity: | July 28, 2025
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| Bookrunners: | Bank of China, Deutsche Bank, J.P. Morgan, ABC International, DBS Bank Ltd., ICBC, China Construction Bank, Standard Chartered Bank, Mizuho Securities, Bank of Communications, CLSA, Citigroup, Morgan Stanley, UBS and Shanghai Pudong Development Bank Hong Kong Branch
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| Co-managers: | Industrial Bank Co., Ltd. Hong Kong Branch, CNCB Capital and Haitong International
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| Trustee: | Bank of New York Mellon, London Branch
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| Counsel to issuer: | Clifford Chance, Maples and Calder (Hong Kong) LLP and Beijing DeHeng Law Offices
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| Counsel to underwriters: | Linklaters and Tian Yuan Law Firm
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| Coupon: | 3 5/8%
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| Price: | 99.795
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| Call features: | Make-whole call at Treasuries plus 10 bps until June 28, 2025; thereafter at par
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| Change of control: | At 101
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| Trade date: | July 21
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| Settlement date: | July 28
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| Ratings: | Moody’s: A1
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| Fitch: A+
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| Distribution: | Regulation S
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| ISIN: | XS2492955237
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