By Marisa Wong
Morgantown, W.Va., Sept. 29 – Overseas Chinese Town (Asia) Holdings Ltd. priced $800 million of senior perpetual capital securities at par on Thursday, according to a company announcement. The securities are guaranteed by Overseas Chinese Town Enterprises Co.
The distribution rate is initially 4.3% and will be reset on Oct. 10, 2020 and every three years after that.
The notes are callable in whole on Oct. 10, 2020 and on any semiannual distribution payment date after that.
China Everbright Bank Hong Kong Branch, ICBC International, DBS Bank Ltd., China Industrial Securities International, China Merchants Securities (HK), Guotai Junan International, Industrial Bank Co., Ltd. Hong Kong Branch and OCBC Bank are the joint bookrunners and joint lead managers. China Everbright, ICBC International and DBS Bank are also joint global coordinators.
The company plans to use the proceeds of the Regulation S deal for general corporate purposes, as previously noted.
The notes are expected to be issued on Oct. 10.
The Hong Kong-based issuer’s main business is paperboard and carton manufacturing and other packaging design. The guarantor is a Shenzhen, China-based enterprise with tourism, real estate, hotel development and electronics manufacturing as its primary businesses.
| Issuer: | Overseas Chinese Town (Asia) Holdings Ltd.
|
| Guarantor: | Overseas Chinese Town Enterprises Co.
|
| Issue: | Senior guaranteed perpetual capital securities
|
| Amount: | $800 million
|
| Maturity: | Perpetual
|
| Bookrunners: | China Everbright Bank Hong Kong Branch, ICBC International, DBS Bank Ltd., China Industrial Securities International, China Merchants Securities (HK), Guotai Junan International, Industrial Bank Co., Ltd. Hong Kong Branch and OCBC Bank
|
| Distribution rate: | 4.3%, resets on Oct. 10, 2020 and every three years after that
|
| Price: | Par
|
| Call option: | In whole on Oct. 10, 2020 or any semiannual distribution payment date after that
|
| Pricing date: | Sept. 28
|
| Settlement date: | Oct. 10
|
| Distribution: | Regulation S
|
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