By Angela McDaniels
Tacoma, Wash., Sept. 4 – West China Cement Ltd. priced $400 million of 6˝% senior notes (B1/B+/BB-) due 2019 at par on Thursday, according to a company announcement.
Talk was 6˝% to 6 5/8%, a market source said.
Credit Suisse Securities (Europe) Ltd. and Nomura International plc are the bookrunners for the Regulation S deal.
The notes are callable at par plus a make-whole premium for the first three years, at 103.25 in year four and at 101.625 in year five. In addition, the company may redeem up to 35% of the notes at 106.5 prior to Sept. 11, 2017 under an equity clawback option.
The company must offer to repurchase the notes at 101 upon a change of control.
The proceeds will be used to refinance the company’s $400 million 7˝% notes due 2016.
The cement manufacturer and distributor is based in Xi’an, China.
| Issuer: | West China Cement Ltd.
|
| Issue: | Senior notes
|
| Amount: | $400 million
|
| Maturity: | Sept. 11, 2019
|
| Bookrunners: | Credit Suisse Securities (Europe) Ltd., Nomura International plc
|
| Coupon: | 6˝%
|
| Price: | Par
|
| Yield: | 6˝%
|
| Call option: | At par plus make-whole premium for first three years, at 103.25 in year four and at 101.625 in year five
|
| Equity clawback: | For up to 35% of notes at 106.5 prior to Sept. 11, 2017
|
| Pricing date: | Sept. 4
|
| Settlement date: | Sept. 11
|
| Ratings: | Moody’s: B1
|
| Standard & Poor’s: B+
|
| Fitch: BB-
|
| Distribution: | Regulation S
|
| Talk: | 6˝% to 6 5/8%
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
