Published on 4/29/2015 in the Prospect News Emerging Markets Daily.
New Issue: China’s Binhai Investment prices $200 million 3¼% notes due 2018 at 245 bps spread
By Christine Van Dusen
Atlanta, April 29 – China’s Binhai Investment Co. Ltd. (BICL) priced $200 million 3¼% three-year notes (expected ratings: Baa3/BBB-) at 99.838 to yield 3.307%, or Treasuries plus 245 basis points, a market source said.
Guotai Junan International, Standard Chartered Bank, Barclays and Wing Lung Bank were the bookrunners for the Regulation S deal.
The proceeds will be used to repay borrowings and other debt and for other working capital purposes.
The issuer is based in Tianjin.
| Issuer: | Binhai Investment Co. Ltd. (BICL)
|
| Amount: | $200 million
|
| Maturity: | May 6, 2018
|
| Description: | Notes
|
| Bookrunners: | Guotai Junan International, Standard Chartered Bank, Barclays, Wing Lung Bank
|
| Coupon: | 3¼%
|
| Price: | 99.838
|
| Yield: | 3.307%
|
| Spread: | Treasuries plus 245 bps
|
| Trade date: | April 28
|
| Settlement date: | May 6
|
| Expected ratings: | Moody’s: Baa3
|
| Standard & Poor’s: BBB-
|
| Distribution: | Regulation S
|
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