Published on 5/13/2014 in the Prospect News Emerging Markets Daily.
New Issue: China's Maoye prices $300 million 7¾% three-year notes at par
By Christine Van Dusen
Atlanta, May 13 - China's Maoye International Holdings Ltd. sold $300 million three-year notes (expected ratings: Ba2/BB/) at par to yield 7¾%, according to a company filing.
Citigroup, CLSA, Deutsche Bank and Morgan Stanley were the bookrunners for the Rule 144A and Regulation S deal.
The proceeds will be used to refinance debt and for general corporate purposes.
Maoye is a department store based in Shenzhen, China.
| Issuer: | Maoye International Holdings Ltd.
|
| Amount: | $300 million
|
| Maturity: | May 19, 2017
|
| Description: | Senior notes
|
| Bookrunners: | Citigroup, CLSA, Deutsche Bank, Morgan Stanley
|
| Coupon: | 7¾%
|
| Price: | Par
|
| Yield: | 7¾%
|
| Change-of-control put: | At 101%
|
| Trade date: | May 13
|
| Settlement date: | May 19
|
| Expected ratings: | Moody's: Ba2
|
| Standard & Poor's: BB
|
| Distribution: | Rule 144A and Regulation S
|
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