By Marisa Wong
Madison, Wis., Aug. 7 - Far East Horizon Ltd. said it issued on Wednesday RMB 300 million of drawdown notes due 2016 under its $1.5 billion medium-term note program.
The 4½% notes priced at 98.777 on Aug. 1.
Standard Chartered Bank (Hong Kong) Ltd. and Chinatrust Commercial Bank Ltd. acted as joint lead managers.
The new drawdown notes will be consolidated and form a single series with the RMB 500 million of 4½% drawdown notes due 2016 issued in March.
The MTN program was established on April 5, 2012 with a $1 billion maximum issue amount. The company lifted the cap to $1.5 billion in May. Citigroup and HSBC are the arrangers of the program.
Proceeds from the latest issuance will be used for working capital and general corporate purposes.
Listing of the RMB 800 million of 4½% notes on the Stock Exchange of Hong Kong Ltd. is expected to become effective on Aug. 8.
Far East Horizon is a financial leasing unit of Sinochem Group, which is a Hong Kong-based business conglomerate with interests in agriculture, energy, chemicals, real estate and finance.
Issuer: | Far East Horizon Ltd.
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Issue: | Medium-term notes
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Amount: | RMB 300 million
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Maturity: | 2016
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Coupon: | 4½%
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Price: | 98.777
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Managers: | Standard Chartered Bank (Hong Kong) Ltd. and Chinatrust Commercial Bank Ltd.
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Pricing date: | Aug. 1
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Settlement date: | Aug. 7
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