By Rebecca Melvin
New York, Aug. 17 – China’s Phoenix Lead Ltd. priced $500 million of guaranteed perpetual capital securities (expected rating: BBB) at par to yield 4.85%, according to a syndicate source.
The Regulation S securities, guaranteed by CK Infrastructure Holdings Ltd., were sold via joint bookrunners HSBC and UBS.
The securities are non-callable until Aug. 23, 2022 and will be listed on the Hong Kong Stock Exchange.
The company, formerly Cheung Kong Infrastructure Holdings Ltd., is a Hong Kong-based development conglomerate.
| Issuer: | Phoenix Lead Ltd.
|
| Guarantor: | CK Infrastructure Holdings Ltd.
|
| Amount: | $500 million
|
| Maturity: | Perpetual
|
| Description: | Guaranteed perpetual capital securities
|
| Bookrunners: | HSBC and UBS
|
| Coupon: | 4.85%
|
| Price: | Par
|
| Yield: | 4.85%
|
| Calls: | Aug. 23, 2022
|
| Trade date: | Aug. 17
|
| Settlement date: | Aug. 23
|
| Rating: | S&P: BBB
|
| Distribution: | Regulation S
|
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