By Cady Vishniac
Detroit, Jan. 20 – Chengdu Xingcheng Investment Group Co. Ltd. subsidiary Xingcheng (BVI) Ltd. has priced $445 million of 2.9% guaranteed notes due 2026 (BBB+) under its $1.5 billion guaranteed medium-note program, according to a market release.
The notes are guaranteed by the parent.
Joint lead managers on the Regulation S deal were China International Capital Corp., ICBC International, ICBC (Macau), Shanghai Pudong Development Bank Hong Kong Branch, Guotai Junan International, Standard Chartered Bank and CMB Wing Lung Bank Ltd.
Proceeds, according to Fitch Ratings, will be used for offshore refinancing and general corporate purposes.
The notes are expected to be listed on the Stock Exchange of Hong Kong Ltd. on Jan. 21.
The company is an infrastructure development financing company for the city of Chengdu in Sichuan province, China.
| Issuer: | Xingcheng (BVI) Ltd.
|
| Guarantor: | Chengdu Xingcheng Investment Group Co. Ltd.
|
| Issue: | Guaranteed notes
|
| Amount: | $445 million
|
| Maturity: | 2026
|
| Bookrunners: | China International Capital Corp., ICBC International, ICBC (Macau), Shanghai Pudong Development Bank Hong Kong Branch, Guotai Junan International, Standard Chartered Bank and CMB Wing Lung Bank Ltd.
|
| Coupon: | 2.9%
|
| Pricing date: | Jan. 13
|
| Listing date: | Jan. 21
|
| Rating: | Fitch: BBB+
|
| Distribution: | Regulation S
|
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