New Issue: Sichuan Development unit issues $400 million 2.8% guaranteed notes due 2026

By William Gullotti

Buffalo, N.Y., Aug. 18 – Yieldking Investment Ltd., a wholly owned subsidiary of Sichuan Development International Holding Co., Ltd., issued $400 million of 2.8% notes (//A-) due 2026, according to a listing notice filed on Wednesday.

The notes, issued under the company’s $2 billion medium term note program, are guaranteed by the parent company. They also have the benefit of a keepwell deed and a deed of equity interest purchase undertaking provided by Sichuan Development Holding Co., Ltd.

Standard Chartered Bank, CMBC Capital, Guotai Junan International, China Securities International, Shanghai Pudong Development Bank Hong Kong Branch, China Citic Bank International, Bank of China and CMB International are the joint global coordinators and joint bookrunners for the offering.

Also serving as joint bookrunners are Bank of Communications, Bocom International, CEB International, China Everbright Bank Hong Kong Branch, China Galaxy International, China International Capital Corp., China Minsheng Banking Corp., Ltd., Hong Kong Branch, CMB Wing Lung Bank Ltd., CNCB Capital, CLSA, Everbright Sun Hung Kai, Guosen Securities (HK), Haitong International, Huatai International, Industrial Bank Hong Kong Branch, Shenwan Hongyuan (H.K.), SMBC Nikko, SPDB International, TF International and Bank of East Asia, Ltd.

The listing will become effective on the Hong Kong Exchange Aug. 19.

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.

Issuer:	Yieldking Investment Ltd.
Guarantor:	Sichuan Development International Holding Co., Ltd.
Issue:	Notes
Amount:	$400 million
Maturity:	2026
Bookrunners:	Standard Chartered Bank, CMBC Capital, Guotai Junan International, China Securities International, Shanghai Pudong Development Bank Hong Kong Branch, China Citic Bank International, Bank of China, CMB International, Bank of Communications, Bocom International, CEB International, China Everbright Bank Hong Kong Branch, China Galaxy International, China International Capital Corp., China Minsheng Banking Corp., Ltd., Hong Kong Branch, CMB Wing Lung Bank Ltd., CNCB Capital, CLSA, Everbright Sun Hung Kai, Guosen Securities (HK), Haitong International, Huatai International, Industrial Bank Hong Kong Branch, Shenwan Hongyuan (H.K.), SMBC Nikko, SPDB International, TF International and Bank of East Asia, Ltd.
Coupon:	2.8%
Pricing date:	Aug. 11
Listing date:	Aug. 19
Ratings:	Fitch: A-

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