By Christine Van Dusen
Atlanta, Nov. 13 – China’s Beijing Infrastructure Investment (Hong Kong) Ltd. sold $1 billion of notes in a two-tranche issue due on Jan. 20, 2020 and Nov. 20, 2017 (A2/A-/A+), a market source said.
The deal included $300 million 3¼% notes due 2020 that priced at 99.753 to yield 3.303%, or Treasuries plus 167.5 basis points.
The notes were talked at a spread in the Treasuries plus 170 bps area.
The $700 million 2 5/8% notes due 2017 priced at 99.848 to yield 2.678%, or Treasuries plus 170 bps.
Those notes were talked at a spread of 170 bps to 175 bps.
JPMorgan, ICBC and Bank of China were the bookrunners for the Regulation S deal.
The proceeds from the notes will be used for the development of Beijing’s urban railway transit system, for working capital and for general corporate purposes.
| Issuer: | Beijing Infrastructure Investment (Hong Kong) Ltd.
|
| Amount: | $1 billion
|
| Description: | Notes
|
| Bookrunners: | JPMorgan, ICBC, Bank of China
|
| Change-of-control put: | 101%
|
| Trade date: | Nov. 13
|
| Settlement date: | Nov. 20
|
| Ratings: | Moody’s: A2
|
| Standard & Poor’s: A-
|
| Fitch: A+
|
| Distribution: | Regulation S
|
|
|
| Five-year notes
|
| Amount: | $300 million
|
| Maturity: | Jan. 20, 2020
|
| Coupon: | 3¼%
|
| Price: | 99.753
|
| Yield: | 3.303%
|
| Spread: | Treasuries plus 167.5 bps
|
|
|
| Three-year notes
|
| Amount: | $700 million
|
| Maturity: | Nov. 20, 2017
|
| Coupon: | 2 5/8%
|
| Price: | 99.848
|
| Yield: | 2.678%
|
| Spread: | Treasuries plus 170 bps
|
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