New York, May 18 – Nan Hai Corp. Ltd. priced $500 million of credit-enhanced notes due 2020 at par to yield 3%, according to a notice from the issuer.
China Citic Bank International Ltd., BOCI Asia Ltd. and Huarong International Securities Ltd. are the lead managers for the Regulation S issue, which was sold through the company’s Amber Treasure Ventures Ltd. subsidiary.
There are one-time calls on Nov. 25, 2018, May 25, 2019 and Nov. 25, 2019 at par.
The bonds will be supported by a standby letter of credit issued by China Citic Bank Corp. Ltd., Shenzhen Branch.
Proceeds will be used for general corporate purposes.
Nan Hai is a Hong Kong-based investment holding company is mainly engaged in information technology and media businesses.
| Issuer: | Amber Treasure Ventures Ltd.
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| Guarantor: | Nan Hai Corp. Ltd.
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| Issue: | Credit enhanced notes
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| Amount: | $500 million
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| Maturity: | May 25, 2020
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| Coupon: | 3%
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| Price: | Par
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| Yield: | 3%
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| Call: | Nov. 25, 2018, May 25, 2019, Nov. 25, 2019 at par
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| Lead managers: | China Citic Bank International Ltd., BOCI Asia Ltd. and Huarong International Securities Ltd.
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| Pricing date: | May 18
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| Settlement date: | May 25
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| Ratings: | Moody’s: Baa2
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| Distribution: | Regulation S
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