By Christine Van Dusen
Atlanta, July 22 - MCC Holding (Hong Kong) Corp. Ltd. sold $500 million 4 7/8% notes due July 29, 2016 (Baa2/BBB-/) at 99.405 to yield 5.011%, or Treasuries plus 350 basis points, a market source said.
The notes priced below talk, which was set at the Treasuries plus 375 bps area.
Morgan Stanley, HSBC, Barclays Capital and Goldman Sachs were the bookrunners for the Regulation S deal.
The notes are guaranteed by China Metallurgical Group Corp.
Proceeds will be used for working capital, to refinance short-term loans, for capital expenditures and for general corporate purposes in the company's overseas operations.
MCC Holding is an engineering contracting, resource development, equipment manufacturing and property development company based in Beijing.
| Issuer: | MCC Holding (Hong Kong) Corp. Ltd.
|
| Guarantor: | China Metallurgical Group Corp.
|
| Amount: | $500 million
|
| Maturity: | July 29, 2016
|
| Description: | Senior notes
|
| Bookrunners: | Morgan Stanley, HSBC, Barclays Capital, Goldman Sachs
|
| Coupon: | 4 7/8%
|
| Price: | 99.405
|
| Yield: | 5.011%
|
| Spread: | Treasuries plus 350 bps
|
| Trade date: | July 22
|
| Settlement date: | July 29
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB-
|
| Distribution: | Regulation S
|
| Price talk: | Treasuries plus 375 bps area
|
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