New York, Sept. 7 – Weichai Power Co., Ltd. priced $775 million of 3.75% senior guaranteed perpetual capital securities at par, according to a company announcement.
The coupon steps up to Treasuries plus 608.4 basis points on Sept. 14, 2022 and resets every five years subsequently.
Weichai Power can call the securities starting on Sept. 14, 2022 at par.
Barclays Bank plc and J.P. Morgan Securities plc were joint global coordinators and joint lead managers for the Regulation S offering.
Proceeds will be lent to the company’s subsidiaries to repay offshore bank borrowings and to be used as general working capital for the group’s offshore operations.
Weichai Power is a Weifang, China maker of diesel engines.
| Issuer: | Weichai Power Co., Ltd.
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| Issue: | Senior guaranteed perpetual capital securities
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| Amount: | $775 million
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| Maturity: | Perpetual
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| Coupon: | 3.75%, steps up to Treasuries plus 608.4 bps on Sept. 14, 2022, resetting every five years
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| Price: | Par
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| Call: | At par Sept. 14, 2022 and on subsequent semi-annual distribution dates
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| Lead managers: | Barclays Bank plc and J.P. Morgan Securities plc
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| Pricing date: | Sept. 7
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| Settlement: | Sept. 14
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| Ratings: | S&P: BBB-
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| Fitch: BBB
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| Distribution: | Regulation S
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