By Wendy Van Sickle
Columbus, Ohio, March 2 – China Overseas Finance (Cayman) VIII Ltd. priced $1 billion of notes in three tranches (Baa1//A-), according to a listing notice.
The issuer priced $300 million of 2 3/8% notes due 2025; $500 million of 2¾% notes due 2030; and $200 million of 3 1/8% notes due 2035.
The notes are guaranteed by China Overseas Land & Investment Ltd.
The issue is under the company’s medium-term note program.
Joint global coordinators for the issue were BOC International, DBS Bank Ltd., HSBC and ICBC (Asia).
Agricultural Bank of China Ltd. Hong Kong Branch, Bank of Communications, CCB International, China International Capital Corp., China Securities International, CMB Wing Lung Bank Ltd., Credit Agricole CIB, Goldman Sachs (Asia) LLC, Guotai Junan International, Mizuho Securities and Shanghai Pudong Development Bank Hong Kong Branch acted as joint bookrunners.
Most of the proceeds of the Regulation S issue are expected to be used for refinancing.
China Overseas is a Hong Kong-based construction and development company.
| Issuer: | China Overseas Finance (Cayman) VIII Ltd.
|
| Guarantor: | China Overseas Land & Investment Ltd.
|
| Issue: | Guaranteed notes
|
| Joint global coordinators: | BOC International, DBS Bank Ltd., HSBC and ICBC (Asia)
|
| Joint bookrunners: | Agricultural Bank of China Ltd. Hong Kong Branch, Bank of Communications, CCB International, China International Capital Corp., China Securities International, CMB Wing Lung Bank Ltd., Credit Agricole CIB, Goldman Sachs (Asia) LLC, Guotai Junan International, Mizuho Securities and Shanghai Pudong Development Bank Hong Kong Branch
|
| Announcement date: | March 2
|
| Listing date: | March 3
|
| Ratings: | Moody’s: Baa1
|
| Fitch: A-
|
| Distribution: | Regulation S
|
|
|
| 2025 notes
|
| Amount: | $300 million
|
| Maturity: | 2025
|
| Coupon: | 2 3/8%
|
|
|
| 2030 notes
|
| Amount: | $500 million
|
| Maturity: | 2030
|
| Coupon: | 2¾%
|
|
|
| 2035 notes
|
| Amount: | $200 million
|
| Maturity: | 2035
|
| Coupon: | 3 1/8%
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
