New Issue: China’s Three Gorges sells $850 million notes due 2024, 2049

By Marisa Wong

Los Angeles, Oct. 16 – China Three Gorges Corp.’s wholly owned subsidiary, Three Gorges Finance I (Cayman Islands) Ltd., issued $500 million of 2.3% guaranteed notes (A1//A+) due 2024 and $350 million of 3.2% guaranteed notes due 2049, according to a notice.

Bank of China Ltd., Singapore Branch, Deutsche Bank AG, Singapore Branch, J.P. Morgan (SEA) Ltd., Industrial and Commercial Bank of China (Asia) Ltd., ICBC International Securities Ltd., Mizuho Securities Asia Ltd., Standard Chartered Bank, Morgan Stanley & Co. International plc, Citigroup Global Markets Ltd., UBS AG Hong Kong Branch, CLSA Ltd., China Everbright Securities (HK) Ltd., DBS Bank Ltd., Societe Generale and Haitong Bank, SA are the lead managers and bookrunners.

Three Gorges is a state-owned power company based in Beijing.

Issuer:	Three Gorges Finance I (Cayman Islands) Ltd.
Guarantor:	China Three Gorges Corp.
Issue:	Guaranteed notes
Amount:	$850 million
Bookrunners:	Bank of China Ltd., Singapore Branch, Deutsche Bank AG, Singapore Branch, J.P. Morgan (SEA) Ltd., Industrial and Commercial Bank of China (Asia) Ltd., ICBC International Securities Ltd., Mizuho Securities Asia Ltd., Standard Chartered Bank, Morgan Stanley & Co. International plc, Citigroup Global Markets Ltd., UBS AG Hong Kong Branch, CLSA Ltd., China Everbright Securities (HK) Ltd., DBS Bank Ltd., Societe Generale and Haitong Bank, SA
Settlement date:	Oct. 16
Ratings:	Moody’s: A1
	Fitch: A+
2024 notes
Amount:	$500 million
Maturity:	2024
Coupon:	2.3%
2049 notes
Amount:	$350 million
Maturity:	2049
Coupon:	3.2%

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