Published on 3/10/2017 in the Prospect News Emerging Markets Daily.
New Issue: China’s Lenovo prices $500 million five-year notes, $850 million preferred shares
By Christine Van Dusen
Atlanta, March 10 – China’s Lenovo Group Ltd. priced $500 million of five-year notes and $850 million of perpetual cumulative preferred shares on Thursday, according to a company filing.
The 3 7/8% five-year notes priced at 99.806.
The $1,000-par preferreds carry a 5 5/8% dividend and were issued via Lenovo Perpetual Securities Ltd.
ANZ, BOC, Barclays Bank, BNP Paribas, CCB Asia, Citigroup, Credit Agricole CIB, DBS Bank, BofA Merrill Lynch, Mizuho Securities, Morgan Stanley, MUFG, Societe Generale and Standard Chartered Bank were the bookrunners for the Regulation S deal. BNP Paribas, Citigroup, DBS Bank, and Morgan Stanley were also the joint global coordinators.
The proceeds will be used to repay amounts outstanding under a promissory note to Google Inc., in relation to the acquisition of Motorola Mobility Holdings LLLC, and for working capital and general corporate purposes.
Lenovo is a Beijing-based technology company.
| Issuer: | Lenovo Group Ltd.
|
| Amount: | $1.35 billion
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| Global coordinators: | BNP Paribas, Citigroup, DBS Bank, Morgan Stanley
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| Bookrunners: | ANZ, BOC, Barclays Bank, BNP Paribas, CCB Asia, Citigroup, Credit Agricole CIB, DBS Bank, BofA Merrill Lynch, Mizuho Securities, Morgan Stanley, MUFG, Societe Generale, Standard Chartered Bank
|
| Trade date: | March 9
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| Settlement date: | March 16
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| Distribution: | Regulation S
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|
|
| Notes
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| Issuing entity: | Lenovo Group Ltd.
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| Amount: | $500 million
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| Maturity: | March 16, 2022
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| Issue: | Notes
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| Coupon: | 3 7/8%
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| Price: | 99.806
|
|
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| Preferreds
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| Issuing entity: | Lenovo Perpetual Securities Ltd.
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| Amount: | $850 million
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| Maturity: | Perpetual
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| Description: | Cumulative preferred shares
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| Dividend rate: | 5 3/8%
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