Beijing Infrastructure’s Eastern Creation launches $6 billion program

By William Gullotti

Buffalo, N.Y., Sept. 28 – Eastern Creation II Investment Holdings Ltd. has established a $6 billion guaranteed medium-term note program (//A+), according to a listing notice with an appended offering circular on Tuesday.

The notes issued under the program will be guaranteed by Beijing Infrastructure Investment (Hong Kong) Ltd., a wholly owned subsidiary of Beijing Infrastructure Investment Co., Ltd. (BII).

Issuance will benefit from a keepwell and liquidity support deed and a deed of equity interest purchase undertaking or will be guaranteed by BII.

Not all tranches issued under the program will be rated, but notes guaranteed directly by Beijing Infrastructure (Hong Kong) (A1/A+) are expected to have a slightly higher rating than those guaranteed by BII (A2/A).

Serving as arrangers and dealers for the program are Bank of China, CLSA, Goldman Sachs (Asia) LLC, Haitong International, HSBC and Standard Chartered Bank.

ABC International, BNP Paribas, CCB International, China Everbright Bank Hong Kong Branch, CMB Wing Lung Bank Ltd., DBS Bank Ltd., Deutsche Bank, ICBC International, ICBC (Asia), OCBC Bank, Silk Road International and Société Générale CIB are also serving as dealers.

The 12-month listing for the Regulation S program became effective Sept. 27.

The Beijing-based investment company focuses on transportation, infrastructure construction and other areas.

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