By Rebecca Melvin
Concord, N.H., June 2 – Wealthy Vision Holdings Ltd. priced $300 million 3.3% bonds due 2024 (//BBB-), guaranteed by parent company Jiangsu Shagang Group Co. Ltd., at par, according to a company release.
The notes are callable in whole but not in part upon certain tax events, and holders can put the bonds at 101 upon a change of control.
Standard Chartered Bank, China International Capital Corp., China Citic Bank International, DBS Bank Ltd., CMB International, Hua Xia Bank Co. Ltd., Hong Kong Branch, Shanghai Pudong Development Bank Hong Kong Branch, CLSA, Industrial Bank Co. Ltd. Hong Kong Branch and Bank of China were joint lead managers and joint bookrunners of the Regulation S offering.
The proceeds will be used for refinancing existing offshore debt due within one year, including loans owned by the group or an affiliate of Standard Chartered Bank, one of the joint lead managers.
The steelmaker is based in Jiangsu, China.
| Issuer: | Wealthy Vision Holdings Ltd.
|
| Guarantor: | Jiangsu Shangang Group Co. Ltd.
|
| Issue: | Guaranteed bonds
|
| Amount: | $300 million
|
| Maturity: | June 1, 2024
|
| Bookrunners: | Standard Chartered Bank, China International Capital Corp., China Citic Bank International, DBS Bank Ltd., CMB International, Hua Xia Bank Co. Ltd., Hong Kong Branch, Shanghai Pudong Development Bank Hong Kong Branch, CLSA, Industrial Bank Co. Ltd. Hong Kong Branch and Bank of China
|
| Coupon: | 3.3%
|
| Price: | Par
|
| Yield: | 3.3%
|
| Call option: | In whole but not in part upon certain tax events
|
| Put option: | At 101 upon a change of control
|
| Pricing date: | May 25
|
| Settlement: | June 1
|
| Ratings: | Fitch: BBB-
|
| Distribution: | Regulation S
|
© 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.
