By Angela McDaniels
Tacoma, Wash., May 9 - Want Want China Holdings Ltd. subsidiary Want Want China Finance Ltd. priced $600 million of 1.875% senior notes (A3//A-) due 2018, according to a company announcement.
The notes priced at 99.896 and are guaranteed by the parent company.
Talk for the notes was Treasuries plus 115 basis points to 120 bps, according to a market source.
Merrill Lynch International and J.P. Morgan Securities plc are the bookrunners for the Rule 144A and Regulation S deal.
The note have a make-whole call option at Treasuries plus 50 bps. Holders have a put option at 101 upon a change of control
The proceeds will be used for refinancing bank borrowings and for general corporate purposes.
The Shanghai-based company manufactures rice cakes, flavored milk and other snacks and beverages.
| Issuer: | Want Want China Finance Ltd.
|
| Guarantor: | Want Want China Holdings Ltd.
|
| Issue: | Senior notes
|
| Amount: | $600 million
|
| Maturity: | May 14, 2018
|
| Bookrunners: | Merrill Lynch International and J.P. Morgan Securities plc
|
| Co-managers: | CIMB Bank Ltd. and Mizuho Securities USA Inc.
|
| Coupon: | 1.875%
|
| Price: | 99.896
|
| Call option: | Make-whole at Treasuries plus 50 bps
|
| Put option: | At 101 upon a change of control
|
| Pricing date: | May 9
|
| Settlement date: | May 14
|
| Ratings: | Moody's: A3
|
| Fitch: A-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | Treasuries plus 115 bps to 120 bps
|
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