By Susanna Moon
Chicago, Aug. 19 - McDonald's Corp. said it placed RMB 200 million of 3% bonds (A3/A/A) in a private placement to institutional and professional investors in Hong Kong.
The bonds will mature in three years.
Proceeds will provide working capital to support the growth of McDonald's in China, including the opening of new restaurants.
McDonald's will be the first issuer of renminbi-denominated bonds by a multinational company, according to a company press release.
China is the company's fastest-growing market in terms of new restaurant openings. McDonald's plans to open between 150 and 175 restaurants in China, the release said.
The fast food chain is based in Oak Brook, Ill.
| Issuer: | McDonald's Corp.
|
| Issue: | Bonds
|
| Amount: | RMB 200 million
|
| Maturity: | Three years
|
| Coupon: | 3%
|
| Price: | Par
|
| Yield: | 3%
|
| Settlement date: | Aug. 19
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A
|
| Fitch: A
|
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