By Christine Van Dusen
Atlanta, June 25 – China’s Greenland Holding Group Co. Ltd. priced a $1 billion offering of five- and 10-year notes (expected rating: Baa3/BBB/BBB-) on Wednesday, a market source said.
The $400 million 4 3/8% five-year notes priced at 99.53 to yield 4.481%, or Treasuries plus 285 basis points, matching talk.
The $600 million 5 7/8% notes due 2024 priced at 99.441 to yield 5.95%, matching talk.
BOC International, HSBC, JPMorgan and Deutsche Bank were the bookrunners for the Regulation S deal.
The notes were issued by wholly owned subsidiary Greenland Global Investment Ltd. and guaranteed by the company.
The company is a real estate development and operation services company based in Shanghai.
| Issuer: | Greenland Global Investment Ltd
|
| Guarantor: | Greenland Holding Group Co. Ltd.
|
| Amount: | $1 billion
|
| Description: | Notes
|
| Bookrunners: | BOC International, HSBC, JPMorgan, Deutsche Bank
|
| Trade date: | June 25
|
| Settlement date: | July 3
|
| Expected ratings: | Moody’s: Baa3
|
| Standard & Poor’s: BBB
|
| Fitch: BBB-
|
| Distribution: | Regulation S
|
|
|
| Five-year notes
|
| Amount: | $400 million
|
| Maturity: | July 3, 2019
|
| Coupon: | 4 3/8%
|
| Price: | 99.53
|
| Yield: | 4.481%
|
| Spread: | Treasuries plus 285 bps
|
| Price talk: | Treasuries plus 285 bps
|
|
|
| 10-year notes
|
| Amount: | $600 million
|
| Maturity: | July 3, 2024
|
| Coupon: | 5 7/8%
|
| Price: | 99.441
|
| Yield: | 5.95%
|
| Spread: | Treasuries plus 341.2 bps
|
| Price talk: | 5.95%
|
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