By William Gullotti
Buffalo, N.Y., Aug. 3 – Hong Kong’s Citic Ltd. priced an additional $100 million of 2 7/8% notes due 2027 (A3/BBB+) at 94.493, according to a listing notice with an appended offering circular on Wednesday.
The new notes will be consolidated and form a single series with the initial $700 million of notes issued Feb. 17 at 99.323 (ISIN: XS2439108205).
The Regulation S add-on is issued under the company’s new $9 billion medium-term note program. The initial offering was issued under Citic’s previous $9 billion MTN program.
The notes will be callable, in whole but not in part, at the issuer’s option starting one month prior to maturity.
Bookrunners for the initial offering include CLSA Ltd., HSBC Ltd. and Standard Chartered Bank as lead managers.
BNP Paribas, BOCI Asia Ltd., ICBC (Asia) Ltd., Mizuho Securities Asia Ltd., MUFG Securities Asia Ltd. and SMBC Nikko Securities (Hong Kong) Ltd. also served as managers for the initial issue.
Proceeds can be used for general corporate purposes, including refinancing debt.
Listing for the additional notes is expected on the Hong Kong Exchange effective Aug. 3.
Citic is a conglomerate that focuses on raw materials and infrastructure.
| Issuer: | Citic Ltd.
|
| Issue: | Notes, add-on
|
| Amount: | $100 million
|
| Maturity: | Feb. 17, 2027
|
| Bookrunners: | CLSA Ltd., HSBC Ltd. and Standard Chartered Bank (lead dealer managers), BNP Paribas, BOCI Asia Ltd., ICBC (Asia) Ltd., Mizuho Securities Asia Ltd., MUFG Securities Asia Ltd. and SMBC Nikko Securities (Hong Kong) Ltd.
|
| Trustee: | Bank of New York Mellon, London Branch
|
| Counsel to issuer: | Clifford Chance (England), Zhong Lun Law Firm (China)
|
| Counsel to underwriters: | Linklaters (England), Jun He Law Office (China)
|
| Coupon: | 2 7/8%
|
| Price: | 94.493 plus accrued interest from and including Feb. 17 up to but excluding Aug. 2
|
| Call: | In whole, but not in part, at par plus interest starting Jan. 17, 2027
|
| Pricing date: | July 19
|
| Issue date: | Aug. 2
|
| Listing date: | Aug. 3
|
| Expected ratings: | Moody’s: A3
|
| S&P: BBB+
|
| Distribution: | Regulation S
|
| ISIN: | XS2439108205
|
| Original issue: | $700 million issued Feb. 17
|
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