By Angela McDaniels
Tacoma, Wash., Feb. 20 - China Resources Land Ltd. announced a $1.1 billion offering of senior notes (expected Baa1//expected BBB+).
The company priced $400 million of 4 3/8% notes due 2019 at 99.773 and $700 million of 6% notes due 2024 at par, according to a company announcement.
Hongkong and Shanghai Banking Corp. Ltd. is the global coordinator. ABCI Capital Ltd., DBS Bank Ltd., HSBC, J.P. Morgan Securities LLC, Merrill Lynch International and UBS AG, Hong Kong Branch are the bookrunners and lead managers.
Holders will have a put option at 101 upon a change of control, subject to certain ratings triggers.
Proceeds will be used for general corporate purposes.
China Resources Land is a property developer based in Hong Kong.
| Issuer: | China Resources Land Ltd.
|
| Issue: | Senior notes
|
| Amount: | $1.1 billion
|
| Coordinator: | Hongkong and Shanghai Banking Corp. Ltd.
|
| Bookrunners: | ABCI Capital Ltd., DBS Bank Ltd., HSBC, J.P. Morgan Securities LLC, Merrill Lynch International and UBS AG, Hong Kong Branch
|
| Pricing date: | Feb. 20
|
| Expected ratings: | Moody's Investors Service: Baa1
|
| Fitch Ratings: BBB+
|
|
|
| Five-year notes
|
| Amount: | $400 million
|
| Maturity: | Feb. 27, 2019
|
| Coupon: | 4 3/8%
|
| Price: | 99.773
|
|
|
| 10-year notes
|
| Amount: | $700 million
|
| Maturity: | Feb. 27, 2024
|
| Coupon: | 6%
|
| Price: | Par
|
© 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.
