By Marisa Wong
Los Angeles, Sept. 29 – Yieldking Investment Ltd., a wholly owned subsidiary of Sichuan Development International Holding Co., Ltd., priced $100 million of additional 2.8% notes due 2026, according to a pricing supplement.
The notes will be consolidated and form a single series with the $400 million of 2.8% notes due 2026 (//A-) issued on Aug. 18.
The add-on tranche priced at 101.371 plus accrued interest from Aug. 18 to but excluding the Sept. 28 issue date.
The notes, issued under the company’s $2 billion medium-term note program, are guaranteed by the parent company. They also have the benefit of a keepwell deed and a deed of equity interest purchase undertaking provided by Sichuan Development Holding Co., Ltd.
Standard Chartered Bank, Bank of Communications Co., Ltd. Hong Kong Branch, China Citic Bank International Ltd., China Securities (International) Corporate Finance Co. Ltd., Industrial Bank Co., Ltd. Hong Kong Branch and Shanghai Pudong Development Bank Co., Ltd., Hong Kong Branch are the joint bookrunners.
Proceeds from the latest tranche will be used to refinance existing debt and for general corporate purposes.
Sichuan Development is an investment holding company based in Chengdu, China.
| Issuer: | Yieldking Investment Ltd.
|
| Guarantor: | Sichuan Development International Holding Co., Ltd.
|
| Keepwell deed provider: | Sichuan Development Holding Co., Ltd.
|
| Issue: | Medium-term notes, series 2 tranche 2
|
| Amount: | $100 million
|
| Maturity: | Aug. 18, 2026
|
| Bookrunners: | Standard Chartered Bank, Bank of Communications Co., Ltd. Hong Kong Branch, China Citic Bank International Ltd., China Securities (International) Corporate Finance Co. Ltd., Industrial Bank Co., Ltd. Hong Kong Branch and Shanghai Pudong Development Bank Co., Ltd., Hong Kong Branch
|
| Coupon: | 2.8%
|
| Price: | 101.371
|
| Call option: | No
|
| Put option: | No
|
| Pricing date: | Sept. 17
|
| Issue date: | Sept. 28
|
| Ratings: | Fitch: A-
|
| Distribution: | Regulation S
|
| Total issuance: | $500 million, including $400 million issued on Aug. 18
|
| ISIN: | XS2266935993
|
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