China’s Yingde Gases talks $250 million 5½-year notes at 7.4%-7½%

By Christine Van Dusen

Atlanta, Aug. 21 – China’s Yingde Gases Group Co. Ltd. set talk at 7.4% to 7½% for a $250 million issue of 5½-year notes (expected ratings: Ba3/BB-/BB) that could price as soon as Thursday, a market source said.

Deutsche Bank AG, Singapore Branch and HSBC Ltd. are the bookrunners for the Rule 144A and Regulation S deal.

The notes will be issued by subsidiary Yingde Gases Investment Ltd. and guaranteed by Yingde Gases Group and its subsidiaries.

Of the proceeds, the company plans to use 40% for refinancing some existing onshore debt, 40% for capital expenditures and 20% for working capital and general corporate purposes.

Yingde Gases is a Hong Kong-based producer of industrial gases.

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