By Cady Vishniac
Detroit, Oct. 29 – Sinochem Offshore Capital Co. Ltd. priced $1 billion of securities in two tranches, $500 million of guaranteed notes due 2025 and $500 million of guaranteed subordinated perpetual securities, both guaranteed by Sinochem (Hong Kong) Group Co. Ltd., according to a Stock Exchange of Hong Kong Ltd. listing notice.
The $500 million of notes due 2025 priced with a 1 5/8% coupon.
The $500 million of subordinated guaranteed perpetual securities priced with a 3% coupon.
Standard Chartered Bank and Citigroup are joint global coordinators and joint active bookrunners. Bank of China, ANZ, DBS Bank Ltd., Credit Agricole CIB, J.P. Morgan, UBS and ICBC (Asia) are joint active bookrunners.
Most of the proceeds to refinance its maturing debt and the remainder for general corporate purposes, according to Moody’s Investors Service.
The listing is expected to take effect on Thursday.
The issuer is a food-processing company based in Beijing.
| Issuer: | Sinochem Offshore Capital Co. Ltd.
|
| Guarantor: | Sinochem (Hong Kong) Group Co. Ltd.
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| Issue: | Notes, subordinated securities
|
| Amount: | $1 billion
|
| Bookrunners: | Standard Chartered Bank, Citigroup, Bank of China, ANZ, DBS Bank Ltd., Credit Agricole CIB, J.P. Morgan, UBS and ICBC (Asia)
|
| Pricing date: | Oct. 21
|
| Listing date: | Oct. 30
|
|
|
| 2025 notes
|
| Issue: | Guaranteed notes
|
| Amount: | $500 million
|
| Maturity: | 2025
|
| Coupon: | 1 5/8%
|
| Ratings: | Moody’s: A3
|
| S&P: A-
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| Fitch: A
|
|
|
| Perpetual securities
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| Issue: | Subordinated guaranteed securities
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| Amount: | $500 million
|
| Maturity: | Perpetual
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| Coupon: | 3%
|
| Ratings: | Moody’s: Baa1
|
| Fitch: BBB+
|
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