Detroit, Oct. 30 – Lenovo Group Ltd. sold $1 billion of 3.421% 10-year senior unsecured notes (Baa3/BBB-/BBB-) in a debut Rule 144A offering, according to a company announcement.
The issue was oversubscribed by a factor of about five times. The investor allocation was 39% from the US, 30% from Asia and 31% from Europe, the Middle East and Africa.
“We are pleased with the successful transaction of our debut 144A notes offering in a rated format against the volatile market backdrop,” Lenovo chief financial officer Waiming Wong said in the announcement.
Citigroup, Morgan Stanley, Credit Suisse, J.P. Morgan, BNP Paribas and Goldman Sachs were joint global coordinators.
The proceeds of the bonds will be used to repurchase outstanding perpetual securities and notes due in 2022 and 2023, as well as for working capital purposes.
Lenovo is a Beijing-based technology company.
| Issuer: | Lenovo Group Ltd.
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| Issue: | Senior unsecured notes
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| Amount: | $1 billion
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| Maturity: | Nov. 2, 2030
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| Bookrunners: | Citigroup, Morgan Stanley, Credit Suisse, J.P. Morgan, BNP Paribas and Goldman Sachs
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| Coupon: | 3.421%
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| Announcement date: | Oct. 30
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| Ratings: | Moody’s: Baa3
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| S&P: BBB-
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| Fitch: BBB-
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| Distribution: | Rule 144A and Regulation S
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