Published on 2/6/2020 in the Prospect News Emerging Markets Daily.
New Issue: CSSC (Hong Kong) Shipping unit sells $800 million bonds due 2025, 2030
By Sarah Lizee
Olympia, Wash., Feb. 6 – CSSC (Hong Kong) Shipping Co. Ltd. subsidiary CSSC Capital 2015 Ltd. sold $400 million of 2½% guaranteed bonds due 2025 at 99.641 and $400 million of 3% guaranteed bonds due 2030 at 99.692 (A-/A), according to a notice.
The notes will be guaranteed by CSSC (Hong Kong) Shipping.
Barclays, Bank of China (Hong Kong) Ltd., CCB International and DBS Bank Ltd. are joint global coordinators and, together with Shanghai Pudong Development Bank Co., Ltd. Hong Kong Branch, CNCB Capital, ICBC International, China Securities International, ABC International, CLSA, China International Capital Corp. and Bocom International, are joint bookrunners and joint lead managers.
Proceeds will be used by the company to develop its leasing business and to refinance existing debt.
The ship leasing company is based in Hong Kong.
| Issuer: | CSSC Capital 2015 Ltd.
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| Guarantor: | CSSC (Hong Kong) Shipping Co. Ltd.
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| Issue: | Guaranteed bonds
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| Amount: | $800 million
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| Bookrunners: | Barclays, Bank of China (Hong Kong) Ltd., CCB International, DBS Bank Ltd., Shanghai Pudong Development Bank Co., Ltd. Hong Kong Branch, CNCB Capital, ICBC International, China Securities International, ABC International, CLSA, China International Capital Corp. and Bocom International
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| Call: | Make-whole call at any time; at 101 following change-of-control; clean-up call at par if at least 10% or less remain
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| Settlement date: | Feb. 13
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| Ratings: | S&P: A-
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| Fitch: A
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| 2025 bonds
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| Amount: | $400 million
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| Maturity: | Feb. 13, 2025
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| Coupon: | 2½%
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| Price: | 99.641
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| 2030 bonds
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| Amount: | $400 million
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| Maturity: | Feb. 13, 2030
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| Coupon: | 3%
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| Price: | 99.692
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