By Wendy Van Sickle
Columbus, Ohio, April 7 – Power Construction Corp. of China subsidiary Powerchina Roadbridge Group (British Virgin Islands) Ltd. issued $500 million of 3.08% perpetual securities, according to a notice of listing on the Stock Exchange of Hong Kong Ltd. on Tuesday.
The perpetual securities were sold at par and are guaranteed by the parent company.
Standard Chartered Bank and Bank of China were the global coordinators and joint bookrunners and lead managers along with ABC International, BNP Paribas, Bocom International, CCB International, China Everbright Bank Hong Kong Branch, China International Capital Corp., China Securities International, CLSA, CMBC Capital, DBS Bank Ltd. and ICBC International.
The notes were issued on April 1. They become callable after five years.
Proceeds will be used for repayment of debt, working capital and general corporate purposes.
The issuer is a Beijing-based contracting, investment and real estate development company.
| Issuer: | Powerchina Roadbridge Group (British Virgin Islands) Ltd.
|
| Guarantor: | Power Construction Corp. of China
|
| Amount: | $500 million
|
| Maturity: | Perpetual
|
| Description: | Notes
|
| Bookrunners: | Standard Chartered Bank, Bank of China, ABC International, BNP Paribas, Bocom International, CCB International, China Everbright Bank Hong Kong Branch, China International Capital Corp., China Securities International, CLSA, CMBC Capital, DBS Bank Ltd. and ICBC International
|
| Coupon: | 3.08%
|
| Price: | Par
|
| Call option: | After five years
|
| Issue date: | April 1
|
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