By Christine Van Dusen
Atlanta, Oct. 19 - Franshion Properties (China) Ltd. sold $500 million five-year notes (Ba1/BB/BBB-) on Friday at par to yield 4.7%, a market source said.
RBS, Deutsche Bank, JPMorgan and Standard Chartered were the bookrunners for the Regulation S deal.
Proceeds will be used to refinance debt, for working capital and for general corporate purposes.
The notes will be issued through the company's Franshion Investment Ltd. subsidiary.
Franshion is a Hong Kong-based real estate company.
| Issuer: | Franshion Investment Ltd.
|
| Amount: | $500 million
|
| Maturity: | Oct. 26, 2017
|
| Description: | Senior notes
|
| Bookrunners: | RBS, Deutsche Bank, JPMorgan, Standard Chartered
|
| Coupon: | 4.7%
|
| Price: | Par
|
| Yield: | 4.7%
|
| Call: | Make-whole call at Treasuries plus 50 bps
|
| Trade date: | Oct. 19
|
| Settlement date: | Oct. 26
|
| Ratings: | Moody's: Ba1
|
| Standard & Poor's: BB
|
| Fitch: BBB-
|
| Distribution: | Regulation S
|
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