By William Gullotti and Cristal Cody
Buffalo, N.Y., April 24 – CK Hutchison International (24) Ltd. priced $2 billion of notes in two parts (A2/A/A-) on Tuesday, according to a market source.
According to Fitch Ratings, CK Hutchison Holdings Ltd. is guaranteeing the notes.
The deal broke into two $1 billion tranches.
The company priced 5 3/8% notes due 2029 with a spread of 80 basis points over Treasuries. Talk was in the 115 bps area.
The second tranche priced as green notes with a 10-year tenor and a 5˝% coupon. The spread priced at 100 bps over Treasuries against talk in the 135 bps area.
Proceeds will be used for refinancing and general corporate purposes, according to S&P Global Ratings.
The multinational conglomerate is based in Hong Kong with businesses including port operations and energy.
| Issuer: | CK Hutchison International (24) Ltd.
|
| Guarantor: | CK Hutchison Holdings Ltd.
|
| Amount: | $2 billion
|
| Trade date: | April 23
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
| Fitch: A-
|
|
|
| Five-year notes
|
| Amount: | $1 billion
|
| Issue: | Notes
|
| Maturity: | April 26, 2029
|
| Coupon: | 5 3/8%
|
| Spread: | Treasuries plus 80 bps
|
| Price talk: | Treasuries plus 115 bps area
|
|
|
| 10-year green notes
|
| Amount: | $1 billion
|
| Issue: | Green notes
|
| Maturity: | April 26, 2034
|
| Coupon: | 5˝%
|
| Spread: | Treasuries plus 100 bps
|
| Price talk: | Treasuries plus 135 bps area
|
|
|
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