CSC Financial unit lists new $4 billion medium-term note program

By William Gullotti

Buffalo, N.Y., April 29 – CSCIF Hong Kong Ltd. launched a new $4 billion guaranteed medium-term note program (Baa1/BBB+/BBB+), according to a notice with an appended circular on Monday.

CSC Financial Co., Ltd. or China Securities (International) Finance Holding Co., Ltd. will guarantee program offerings. In the case that an offering is guaranteed by China Securities (International), CSC Financial will also provide a keepwell deed.

In addition to possible issue-specific call options, program offerings will also be callable at par for taxation reasons. They will also be putable at 101 for a change of control or at par for a non-registration event.

The arrangers and dealers for the Regulation S program are China Securities International, China Citic Bank International and HSBC.

HSBC Ltd. is the trustee.

Davis Polk & Wardwell, Tian Yuan Law Firm and Maples and Calder (Hong Kong) LLP are legal advisers to the issuer and guarantors. Linklaters and Guantao Law Firm are advising the dealers.

Application has been made to the Stock Exchange of Hong Kong Ltd. to list the 12-month program with an April 26 effective date.

The securities company is based in Beijing.

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