China’s Minmetals Land plans senior perpetual capital securities

By Marisa Wong

Morgantown, W.Va., May 4 – Minmetals Land Ltd. is proposing to issue senior perpetual capital securities through wholly owned subsidiary Excel Capital Global Ltd., according to a company announcement.

The securities will be guaranteed by the parent company and have the benefit of a keepwell deed from ultimate controlling shareholder China Minmetals Corp.

Deutsche Bank, UBS, Morgan Stanley, BOC International, Haitong International, CLSA and United Overseas Bank are the joint lead managers and joint bookrunners for the proposed Regulation S offering. Deutsche Bank, UBS, Morgan Stanley, BOC International and Haitong International are also the joint global coordinators.

Pricing will be determined through a book-building exercise.

Proceeds will be used to refinance existing debt and for general corporate purposes.

Minmetals Land is a real estate development company based in Hong Kong.

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