Published on 5/24/2016 in the Prospect News Emerging Markets Daily and Prospect News Green Finance Daily.
New Issue: China Three Gorges prices $1.5 billion of five-, 10-year notes
By Christine Van Dusen
Atlanta, May 24 – China Three Gorges Corp. priced a combined $1.5 billion of five- and 10-year notes (Aa3//A+) on Tuesday in a Rule 144A and Regulation S deal, a market source said.
The deal included $500 million 2.3% notes due 2021 that priced at 99.962 to yield 2.308%, or Treasuries plus 90 basis points.
The $1 billion 3¾% notes due 2026 priced at 99.804 to yield 3.173%, or Treasuries plus 130 bps.
JPMorgan, Deutsche Bank, ICBC, Bank of China, Goldman Sachs and UBS were the bookrunners for the deal.
Three Gorges is a state-owned power company based in Beijing.
| Issuer: | Three Gorges Finance I (Cayman Islands) Ltd.
|
| Amount: | $1.5 billion
|
| Description: | Notes
|
| Bookrunners: | JPMorgan, Deutsche Bank, ICBC, Bank of China, Goldman Sachs, UBS
|
| Trade date: | May 24
|
| Settlement date: | June 2
|
| Ratings: | Moody's: Aa3
|
| Fitch: A+
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Five-year notes
|
| Amount: | $500 million
|
| Maturity: | June 2, 2021
|
| Coupon: | 2.3%
|
| Price: | 99.962
|
| Yield: | 2.308%
|
| Spread: | Treasuries plus 90 bps
|
|
|
| 10-year notes
|
| Amount: | $1 billion
|
| Maturity: | June 2, 2026
|
| Coupon: | 3¾%
|
| Price: | 99.804
|
| Yield: | 3.173%
|
| Spread: | Treasuries plus 130 bps
|
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