By Aleesia Forni
Columbus, Ohio, March 30 - China Resources Gas Group Ltd. priced a $750 million offering of 4½% 10-year fixed-rate senior notes (Baa1//BBB+) at Treasuries plus 260 basis points, according to a syndicate source.
The notes priced 20 bps tighter than initial talk, which was set in the area of 280 bps and priced at 97.95 to yield 4.76%.
Citigroup and Deutsche Bank are the global coordinators for the Regulation S deal and are joined by JPMorgan, HSBC, UBS and Standard Chartered as joint bookrunners.
The notes were issued under the company's $1.5 billion global medium-term note program.
The Hong Kong-based liquefied gas company intends to use proceeds for general corporate purposes, including acquisitions and working capital.
| Issuer: | China Resources Gas Group Ltd.
|
| Issue: | Fixed-rate senior unsecured notes
|
| Amount: | $750 million
|
| Maturity: | April 5, 2022
|
| Bookrunners: | Citigroup, Deutsche Bank, JPMorgan, HSBC, UBS, Standard Chartered
|
| Coupon: | 4½%
|
| Price: | 97.95
|
| Yield: | 4.76%
|
| Spread: | Treasuries plus 260 bps
|
| Trade date: | March 29
|
| Settlement date: | April 5
|
| Ratings: | Moody's: Baa1
|
| Fitch: BBB+
|
| Distribution: | Regulation S
|
| Price talk: | Treasuries plus 280 bps area
|
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