By Christine Van Dusen
Atlanta, Nov. 4 - Hong Kong's Sinochem Overseas Capital Co. Ltd. priced a $2 billion two-tranche issue of notes due 2020 and 2040 (Baa1/BBB+/BBB+) via Citigroup, HSBC and UBS in a Rule 144A and Regulation S transaction, a market source said.
The deal included $1.5 billion 4½% notes due Nov. 12, 2020, which priced at 99.467 to yield 4.567%, or Treasuries plus 208 basis points. The tranche was talked at a spread in the Treasuries plus 210 bps area.
The second tranche totaled $500 million 6.3% notes due Nov. 12, 2040, which priced at 99.519 to yield 6.336%, or Treasuries plus 228 bps. Price talk was set at the 230 bps area.
The notes include a change-of-control put at 101% if Sinochem ceases to own 100% or the sovereign ceases to own at least 50.1%.
Sinochem Overseas Capital is a subsidiary of Hong Kong-based business conglomerate Sinochem Hong Kong Group Co. Ltd., which has interests in agriculture, energy, chemicals, real estate and finance.
| Issuer: | Sinochem Overseas Capital Co. Ltd.
|
| Description: | Notes
|
| Bookrunners: | Citigroup, HSBC, UBS
|
| Change-of-control put: | At 101% if Sinochem ceases to own 100% or sovereign ceases to own at least 50.1%
|
| Trade date: | Nov. 4
|
| Settlement date: | Nov. 12
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB+
|
| Fitch: BBB+
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| 10-year notes
|
| Amount: | $1.5 billion
|
| Maturity: | Nov. 12, 2020
|
| Coupon: | 4½%
|
| Price: | 99.467
|
| Yield: | 4.567%
|
| Spread: | Treasuries plus 208 bps
|
| Price talk: | Treasuries plus 210 bps area
|
|
|
| 30-year bonds
|
| Amount: | $500 million
|
| Maturity: | Nov. 12, 2040
|
| Coupon: | 6.3%
|
| Price: | 99.519
|
| Yield: | 6.336%
|
| Spread: | Treasuries plus 228 bps
|
| Price talk: | Treasuries plus 230 bps area
|
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