China's Xinao Gas $150 million seven-year notes talked 7 3/8%-7½%, to price Friday

By Paul A. Harris

St. Louis, July 28 - Beijing-based Xinao Gas Holdings Ltd. talked its $150 million offering of seven-year senior unsecured notes (Ba1/BB+) at 7 3/8% to 7½% on Thursday, according to a market source.

Pricing is expected on Friday.

Deutsche Bank is the bookrunner for the Regulation S offering.

Proceeds will be used to fund new acquisitions and for working capital.

Xinao is a piped gas distributor. Through its subsidiaries it invests in, operates and manages gas pipeline infrastructure as well as sells and distributes piped and bottled gas in China.

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