China’s Sichuan Development updates $2 billion medium term-note program

By William Gullotti

Buffalo, N.Y., Aug. 6 – Sichuan Development Holding Co. Ltd. updated a $2 billion medium-term note program, according to an announcement Friday.

The direct issuance notes will still be issued by Sichuan Development.

Yieldking Investment Ltd. will be the issuer of KW notes, guaranteed by Sichuan Development International Holding Co., Ltd. KW notes will also have the benefit of a keepwell deed and a deed of equity interest purchase undertaking by Sichuan Development Holding.

Standard Chartered Bank and CMBC Capital are serving as arrangers for the program.

They are joined as dealers by Bank of China and Shenwan Hongyuan (H.K.).

The updated program is expected to be effective Aug. 9.

Sichuan Development is an investment holding company based in the Sichuan Province of China. Yieldking Investment is a special purpose entity formed for the purpose of issuing debt securities to repay and refinance existing credit facilities and for acquisition purposes.

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