By Christine Van Dusen
Atlanta, Aug. 15 – China’s Hai Chao Trading Co. Ltd. priced $300 million three-year floating-rate notes (expected rating: Aa3) at par to yield Libor plus 165 basis points, a market source said.
The notes were talked at a spread in the 170 bps area.
Standard Chartered Bank was the bookrunner for the Regulation S deal.
The issuer is based in Hong Kong.
| Issuer: | Hai Chao Trading Co. Ltd.
|
| Amount: | $300 million
|
| Maturity: | Aug. 12, 2017
|
| Description: | Floating-rate notes
|
| Bookrunner: | Standard Chartered Bank
|
| Coupon: | Libor plus 165 bps
|
| Price: | Par
|
| Yield: | Libor plus 165 bps
|
| Trade date: | Aug. 13
|
| Expected rating: | Moody’s: Aa3
|
| Distribution: | Regulation S
|
| Price talk: | Libor plus 170 bps area
|
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