By Aaron Hochman-Zimmerman
New York, May 11 - Kowloon-Canton Railway Corp. priced $750 million of 10-year notes at a spread of Treasuries plus 195 basis points (Aa3/AA+/), according to a market source.
The spread came at the narrow end of talk for a spread of 195 bps to 205 bps. The amount was in the expected range of $500 million to $750 million.
The 5 1/8% bonds sold at a reoffer price of 99.659.
Citigroup, Deutsche Banks and HSBC acted as bookrunners for the Rule 144A and Regulation S deal.
Kowloon-Canton Railway Corp. is based in Hong Kong and holds a letter affirming the government's pledge to maintain ownership of the company.
Issuer: Kowloon-Canton Railway Corp.
Issue: 5 1/8% bonds
| Amount: | $750 million
|
| Maturity: | 2019
|
| Coupon: | 5 1/8%
|
| Price: | 99.659
|
| Spread: | Treasuries plus 195 bps
|
| Bookrunners: | Citigroup, Deutsche Bank, HSBC
|
| Distribution: | Rule 144A, Regulation S
|
| Pricing date: | May 11
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA+
|
| Price talk: | Treasuries plus 195 bps to 205 bps
|
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