New Issue: China's Victor Soar sells RMB 1.3 billion 5¾% notes due 2014 at par

By Christine Van Dusen

Atlanta, Nov. 3 - Hong Kong's Victor Soar Ltd. sold RMB 1.3 billion notes due Nov. 10, 2014 at par to yield 5¾% on Thursday, a market source said.

DBS Bank, Citic Bank, Deutsche Bank, JPMorgan, Standard Chartered Bank, UBS and Wing Lung Bank were the bookrunners for the Regulation S deal.

The notes include a change-of-control put at 101% if the Tianjin Municipal People's Government ceases to hold 100% of Tsinlien Group Co. Ltd. or if Tsinlien Group ceases to control Tianjin Development Holdings Ltd.

The notes are guaranteed by parent company Tsinlien Group, a Hong Kong-based investment holding company.

Issuer:	Victor Soar Ltd.
Guarantor:	Tsinlien Group Co. Ltd.
Amount:	RMB 1.3 billion
Maturity:	Nov. 10, 2014
Description:	Notes
Bookrunners:	DBS Bank, Citic Bank, Deutsche Bank, JPMorgan, Standard Chartered Bank, UBS, Wing Lung Bank
Coupon:	5¾%
Price:	Par
Yield:	5¾%
Change-of-control put:	At 101% if Tianjin Municipal People's Government ceases to hold 100% of Tsinlien Group or if Tsinlien Group ceases to control Tianjin Development Holdings Ltd.
Trade date:	Nov. 3
Settlement date:	Nov. 10
Distribution:	Regulation S

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