By Marisa Wong
Morgantown, W.Va., May 11 – Minmetals Land Ltd. priced $200 million of 7% senior perpetual capital securities at par on Thursday, according to a company announcement.
The securities will be issued on May 17 through wholly owned subsidiary Excel Capital Global Ltd. 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, United Overseas Bank and Orient Securities (Hong Kong) are the joint lead managers and joint bookrunners for the Regulation S securities. Deutsche Bank, UBS, Morgan Stanley, BOC International and Haitong International are also the joint global coordinators for the Regulation S offering.
The securities are callable beginning May 17, 2021.
If the notes are not called, the coupon will reset on the first call date and every three years after that at an initial spread of 433.8 bps over the three-year U.S. Government benchmark rate plus 500 bps.
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.
| Issuer: | Excel Capital Global Ltd.
|
| Guarantor: | Minmetals Land Ltd.
|
| Issue: | Senior perpetual capital securities
|
| Amount: | $200 million
|
| Maturity: | Perpetual
|
| Bookrunners: | Deutsche Bank, UBS, Morgan Stanley, BOC International, Haitong International, CLSA, United Overseas Bank and Orient Securities (Hong Kong)
|
| Coupon: | 7%; resets on May 17, 2021 and every three years after that at initial spread of 433.8 bps over three-year U.S. Government benchmark plus 500 bps
|
| Call option: | In whole at par on May 17, 2021 and any semiannual distribution date after that; clean-up call if less than 20% is outstanding
|
| Change-of-control put: | At 101
|
| Pricing date: | May 10
|
| Settlement date: | May 17
|
| Distribution: | Regulation S
|
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