China’s Lenovo plans offering of dollar-denominated notes

By William Gullotti

Buffalo, N.Y., July 18 – Lenovo Group Ltd. announced it intends to price dollar-denominated notes (Baa2/BBB-/BBB) in at least two tranches, according to a notice on Monday.

According to the notice, at least one tranche of the notes will be issued under the company’s green finance framework.

The final issue size, pricing and coupon will be determined during the bookbuilding process.

BNP Paribas, Citigroup Global Markets Inc., Credit Suisse (Hong Kong) Ltd., DBS Bank Ltd., Goldman Sachs (Asia) LLC, HSBC Ltd., J.P. Morgan Securities plc and Morgan Stanley & Co. International plc are the joint global coordinators, joint lead managers and joint bookrunners for the offering.

Bank of China Ltd., Bank of Communications Co., Ltd., Hong Kong Branch, China Construction Bank (Asia) Corp., Ltd., Mizuho Securities Asia Ltd. and Banco Santander, SA are also listed as joint bookrunners.

Proceeds from the non-green Rule 144A and Regulation S tranche will be used to fund Lenovo’s concurrent capped tender offer for 2023 notes, with proceeds from the green tranche used to finance/refinance new or existing green projects.

There will be no public offering of the notes; however, the company intends to apply to list the notes on the Hong Kong Exchange.

Lenovo is a Beijing-based technology company.

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