By William Gullotti
Buffalo, N.Y., July 8 – West China Cement Ltd. issued $600 million of 4.95% senior notes (Ba2//BB) due 2026, according to a listing notice.
The notes can be redeemed early before July 8, 2024 at par plus a premium. After July 8, 2024, the notes can be redeemed at 102.475 and then starting July 8, 2025 they can be redeemed at 101.238.
Nomura International plc and China International Capital Corp. are the joint global coordinators, joint lead managers and joint bookrunners.
Proceeds will be used for refinancing, replenishing working capital and general corporate purposes, including overseas expansion and investment in Africa.
The cement manufacturer and distributor is based in Xiian, Shaanxi Province, China.
| Issuer: | West China Cement Ltd.
|
| Issue: | Senior notes
|
| Amount: | $600 million
|
| Maturity: | July 8, 2026
|
| Bookrunners: | Nomura International plc and China International Capital Corp.
|
| Coupon: | 4.95%
|
| Price: | Par
|
| Yield: | 4.95%
|
| Call: | Par plus a premium until July 8, 2024; at 102.475 starting July 8, 2024; at 101.238 starting July 8, 2025
|
| Equity clawback: | Before July 8, 2024, up to 35% at 104.95
|
| Settlement date: | June 29
|
| Listing date: | July 9
|
| Ratings: | Moody’s: Ba2
|
| Fitch: BB
|
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