By Jennifer Chiou and Christine Van Dusen
New York, Aug. 21 – China's Yingde Gases Group Co. Ltd. priced $250 million of 7¼% 5½-year notes (Ba3/BB-/BB) at 99.337, according to a filing with the Hong Kong Stock Exchange.
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.
Talk was announced at 7.4% to 7½%.
The issuer may redeem the notes in whole or in part in 2018 at 103.625 and from 2019 onwards at 101.813.
Estimated net proceeds will come to $245.8 million. 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.
| Issuer: | Yingde Gases Investment Ltd.
|
| Amount: | $250 million
|
| Maturity: | Feb. 28, 2020
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| Description: | Notes
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| Bookrunners: | Deutsche Bank AG, Singapore Branch and HSBC Ltd.
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| Coupon: | 7¼%
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| Price: | 99.337
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| Trade date: | Aug. 21
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| Settlement date: | Aug. 28
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: BB-
|
| Fitch: BB
|
| Distribution: | Rule 144A/Regulation S
|
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