China's Zoomlion sets guidance for five-year notes at 7%-7¼% yield

By Aleesia Forni

Columbus, Ohio, March 28 - Zoomlion HK SPV Co. Ltd. set guidance for its proposed dollar-denominated five-year fixed-rate senior unsecured bonds (BB+/BBB-) with a yield of 7% to 7¼%, according to a market source.

BOCI Asia Ltd., Credit Suisse Securities (Europe) Ltd. and Goldman Sachs (Asia) LLC are the joint bookrunners for the Rule 144A and Regulation S deal.

Zoomlion plans to use the proceeds from the offering to fund its overseas expansion plan, which includes enhancing the group's distribution and service network and establishing research and development centers and manufacturing facilities.

Zoomlion manufactures construction machinery and sanitation equipment and is based in Changsha, China.

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