By William Gullotti
Buffalo, N.Y., Sept. 8 – State Grid Overseas Investment (BVI) Ltd., a subsidiary of State Grid Corp. of China, priced $600 million of 1 1/8% senior guaranteed notes due 2026 (A1//A+), according to a listing notice on Wednesday.
The notes are issued under the company’s $15 billion guaranteed medium-term note program and guaranteed by the parent company.
ICBC International, Bank of China, Citigroup, Mizuho Securities, Morgan Stanley and DBS Bank Ltd. are the joint global coordinators, joint lead managers and joint bookrunners for the offering.
Santander, MUFG, Agricultural Bank of China Ltd., Hong Kong Branch, China Construction Bank, Goldman Sachs (Asia) LLC, J.P. Morgan, Deutsche Bank, Credit Agricole CIB, CLSA and SMBC Nikko are also serving as joint lead managers and joint bookrunners.
According to Moody’s Investors Service, proceeds will be used for general corporate purposes.
The listing for the Regulation S notes is expected Sept. 9 on the Stock Exchange of Hong Kong Ltd.
The issuer is a China-based state-owned entity focused on electricity distribution services.
| Issuer: | State Grid Overseas Investment (BVI) Ltd.
|
| Guarantor: | State Grid Corp. of China
|
| Issue: | Senior guaranteed notes
|
| Amount: | $600 million
|
| Maturity: | 2026
|
| Bookrunners: | ICBC International, Bank of China, Citigroup, Mizuho Securities, Morgan Stanley, DBS Bank Ltd., Santander, MUFG, Agricultural Bank of China Ltd., Hong Kong Branch, China Construction Bank, Goldman Sachs (Asia) LLC, J.P. Morgan, Deutsche Bank, Credit Agricole CIB, CLSA and SMBC Nikko
|
| Coupon: | 1 1/8%
|
| Pricing date: | Sept. 1
|
| Listing date: | Sept. 9
|
| Ratings: | Moody’s: A1
|
| Fitch: A+
|
| Distribution: | Regulation S
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
