By Christine Van Dusen
Atlanta, June 13 - China's Tingyi Holding Corp. priced a $500 million issue of 3 7/8% notes due June 20, 2017 (Baa1/BBB+/) at 99.573 to yield 3.97%, or Treasuries plus 325 basis points, a market source said.
The notes were talked at the Treasuries plus 330 bps area.
Barclays Capital and Deutsche Bank were the bookrunners for the Regulation S-only notes, which include a change-of-control put at 101%.
Proceeds will be used to finance capital expenditures relating to the company's alliance with PepsiCo., to repay loans and for working capital and other general corporate purposes, according to a company news release.
Tianjin, China-based Tingyi is a producer and distributor in the food and beverage sector in China.
| Issuer: | Tingyi Holding Corp.
|
| Amount: | $500 million
|
| Maturity: | June 20, 2017
|
| Description: | Notes
|
| Bookrunners: | Barclays Capital, Deutsche Bank
|
| Coupon: | 3 7/8%
|
| Price: | 99.573
|
| Yield: | 3.97%
|
| Spread: | Treasuries plus 325 bps
|
| Change-of-control put: | At 101%
|
| Trade date: | June 13
|
| Settlement date: | June 20
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB+
|
| Distribution: | Regulation S only
|
| Price talk: | Treasuries plus 330 bps area
|
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