By Marisa Wong
Los Angeles, Nov. 8 – Beijing Capital Land Ltd. announced a $500 million drawdown under its $3 billion guaranteed medium-term note and perpetual securities program. The company priced $500 million of 5¾% perpetual notes at par on Thursday.
The notes will be issued through wholly owned subsidiary Central Plaza Development Ltd. and guaranteed by another wholly owned subsidiary, International Financial Center Property Ltd. Beijing Capital Group Co., Ltd. is the keepwell and equity interest purchase undertaking provider.
The Hongkong and Shanghai Banking Corp. Ltd., Haitong International Securities Co. Ltd., China Citic Bank International Ltd., Standard Chartered Bank, Nomura International (Hong Kong) Ltd., China Everbright Bank Co., Ltd., Hong Kong Branch, Silk Road International Capital Ltd., Bank of Communications Co., Ltd. Hong Kong Branch, ICBC International Securities Ltd., China International Capital Corp. Hong Kong Securities Ltd., CLSA Ltd., Guotai Junan Securities (Hong Kong) Ltd., CMB International Capital Ltd., CMB Wing Lung Bank Ltd. and China Industrial Securities International Brokerage Ltd. are the joint bookrunners and joint lead managers.
HSBC, Haitong and China Citic are the joint global coordinators.
The distribution rate will reset five years after issuance, at which point the notes are also callable.
Proceeds will be used to refinance mid- or long-term offshore debt within one year.
The program was recently upsized from its original size of $1 billion.
The integrated property owner is based in Beijing.
| Issuer: | Central Plaza Development Ltd.
|
| Guarantor: | International Financial Center Property Ltd.
|
| Issue: | Guaranteed perpetual securities
|
| Amount: | $500 million
|
| Maturity: | Perpetual
|
| Bookrunners: | Hongkong and Shanghai Banking Corp. Ltd., Haitong International Securities Co. Ltd., China Citic Bank International Ltd., Standard Chartered Bank, Nomura International (Hong Kong) Ltd., China Everbright Bank Co., Ltd., Hong Kong Branch, Silk Road International Capital Ltd., Bank of Communications Co., Ltd. Hong Kong Branch, ICBC International Securities Ltd., China International Capital Corp. Hong Kong Securities Ltd., CLSA Ltd., Guotai Junan Securities (Hong Kong) Ltd., CMB International Capital Ltd., CMB Wing Lung Bank Ltd. and China Industrial Securities International Brokerage Ltd.
|
| Coupon: | 5¾%, resets Nov. 14, 2024
|
| Price: | Par
|
| Call option: | Beginning Nov. 14, 2024
|
| Pricing date: | Nov. 7
|
| Settlement date: | Nov. 14
|
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