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Published on 12/9/2015 in the Prospect News Convertibles Daily.

China Overseas to price dollar-denominated 0% exchangeables due 2023

By Angela McDaniels

Tacoma, Wash., Dec. 9 – China Overseas Land & Investment Ltd. announced plans for a new issue of dollar-denominated zero-coupon guaranteed exchangeable bonds due 2023.

China Overseas Finance Investment (Cayman) V Ltd. planned to price the issue on or around Wednesday and has mandated BNP Paribas Securities (Asia) Ltd., BOCI Asia Ltd., China International Capital Corp. Hong Kong Securities Ltd., Citigroup Global Markets Ltd., Goldman Sachs (Asia) LLC, Merrill Lynch Far East Ltd. and Hongkong and Shanghai Banking Corp. Ltd. as the joint bookrunners and lead managers.

The issuer is a subsidiary of China Overseas Holdings Ltd., which is China Overseas Land & Investment’s controlling shareholder.

Meanwhile, another China Overseas Holdings subsidiary, China Overseas Finance Investment (Cayman) IV Ltd., has made an offer to repurchase China Overseas Holdings’ $750 million zero-coupon guaranteed exchangeable bonds due 2021.

The completion and settlement of the new bonds will be interconditional with the tender offer, which is scheduled to expire on Dec. 14.

China Overseas is a Hong Kong-based construction and development company.


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