By William Gullotti
Buffalo, N.Y., July 20 – Zhejiang Energy International Ltd. issued $500 million of 1.737% notes (A2//A+) due 2026, according to according to a listing notice on Tuesday.
The Regulation S notes are sold under the company’s $2 billion medium-term note program and are expected to be listed July 21.
The notes benefit from a keepwell, liquidity support and equity interest purchase undertaking deed from parent company Zhejiang Provincial Energy Group Co. Ltd. (A1).
Joint global coordinators, joint lead managers and joint bookrunners are ICBC and Standard Chartered Bank.
Also serving as joint lead managers and joint bookrunners are China Construction Bank (Asia), Industrial Bank Co., Ltd., Hong Kong Branch, Shanghai Pudong Development Bank Hong Kong Branch, China Everbright Bank Hong Kong Branch, CLSA, CMBC Capital, CMB International, China International Capital Corp. and ABC International.
Proceeds will be used for refinancing and general corporate purposes.
The company generates and distributes electric power.
| Issuer: | Zhejiang Energy International Ltd.
|
| Issue: | Notes
|
| Amount: | $500 million
|
| Maturity: | 2026
|
| Bookrunners: | ICBC, Standard Chartered Bank, China Construction Bank (Asia), Industrial Bank Co., Ltd., Hong Kong Branch, Shanghai Pudong Development Bank Hong Kong Branch, China Everbright Bank Hong Kong Branch, CLSA, CMBC Capital, CMB International, China International Capital Corp. and ABC International
|
| Coupon: | 1.737%
|
| Pricing date: | July 13
|
| Listing date: | July 21
|
| Ratings: | Moody’s: A2
|
| Fitch: A+
|
| Distribution: | Regulation S
|
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