New Issue: Beijing Infrastructure unit sells $400 million 1.35% three-year notes at 99.994

By William Gullotti

Buffalo, N.Y., Oct. 21 – Beijing Infrastructure Investment Co., Ltd. subsidiary Eastern Creation II Investment Holdings Ltd. sold $400 million 1.35% guaranteed notes due 2024 (A+/A+) at 99.994, according to a listing notice with an appended offering circular and pricing supplement on Thursday.

The Regulation S notes are guaranteed by Beijing Infrastructure Investment (Hong Kong) Ltd. and issued under the company’s $6 billion guaranteed medium-term note program. They also feature the benefit of a keepwell and liquidity support deed and a deed of equity interest purchase undertaking by the parent company.

The notes are callable in whole, but not in part, at par plus interest after Sept. 20, 2024.

The arrangers and dealers for the offering are Bank of China Ltd., CLSA Ltd., Haitong International Securities Co., Ltd. and Standard Chartered Bank. Additional dealers are CCB International Capital Ltd., China Everbright Bank Co., Ltd., Hong Kong Branch, CMB Wing Lung Bank Ltd., Deutsche Bank AG, Hong Kong Branch, HSBC Ltd., Industrial and Commercial Bank of China (Asia) Ltd. and Silk Road International Capital Ltd.

Listing is expected on the Hong Kong Exchange effective Oct. 21 with listings on the Macao and Luxembourg exchanges to follow.

Proceeds will be used to refinance existing debt.

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

Issuer:	Eastern Creation II Investment Holdings Ltd.
Guarantor:	Beijing Infrastructure Investment Co., Ltd.
Issue:	Guaranteed notes
Amount:	$400 million
Maturity:	Oct. 20, 2024
Arrangers and dealers:	Bank of China Ltd., CLSA Ltd., Haitong International Securities Co., Ltd. and Standard Chartered Bank
Dealers:	CCB International Capital Ltd., China Everbright Bank Co., Ltd., Hong Kong Branch, CMB Wing Lung Bank Ltd., Deutsche Bank AG, Hong Kong Branch, HSBC Ltd., Industrial and Commercial Bank of China (Asia) Ltd. and Silk Road International Capital Ltd.
Counsel to issuer:	Clifford Chance (English), JunZeJun Law Offices (China)
Counsel to managers:	Linklaters (English), Global Law Office (China)
Coupon:	1.35%
Price:	99.994
Call features:	In whole, but not in part, at par plus interest after Sept. 20, 2024
Change of control:	At 101 plus interest
Registration event:	At par plus interest
Pricing date:	Oct. 12
Issue date:	Oct. 20
Listing date:	Oct. 21
Ratings:	S&P: A+
	Fitch: A+
Distribution:	Regulation S
ISIN:	XS2382272081

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