Hong Kong's Citic Resources sets size of seven-year notes at $1 billion

By Reshmi Basu

New York, May 10 - Citic Resources Holdings Ltd. set the size of its offering of seven-year senior unsecured notes (Ba2) at $1 billion, according to a market source.

Pricing is expected to take place on Monday after the completion of the scheduled roadshow in Boston.

Bear Stearns and Morgan Stanley are lead managers for the Rule 144A and Regulation S deal, which will be issued via Citic Resources Finance (2007) Ltd.

Hong Kong-listed Citic Resources is a base metals producer.

Proceeds from the sale will be used to finance Citic Resources' acquisition of 50% interests of Nations Energy Co. Ltd. from its parent Citic Group and for working capital.

The issuer has recently signed agreements to buy oil assets in Kazakhstan and northeastern China in attempts to become an oil producer as well.

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