By Christine Van Dusen
Atlanta, May 19 – China-based Beijing State-Owned Assets Management Co. Ltd. priced a $1 billion issue of five- and 10-year notes (expected ratings: A3/A-/A-) in a Regulation S deal on Monday, a market source said.
The $300 million 3% notes due 2020 priced at 99.467 to yield Treasuries plus 160 basis points, at the tight end of talk set at 160 bps to 165 bps over Treasuries.
The $700 million 4 1/8% notes due 2025 priced at 98.83 to yield Treasuries plus 205 bps, at the tight end of talk set at 205 bps to 210 bps over Treasuries.
Citigroup and UBS were the bookrunners for the Regulation S deal.
The proceeds will be used to refinance debt, for working capital and for general corporate purposes.
| Issuer: | Beijing State-Owned Assets Management Co. Ltd.
|
| Amount: | $1 billion
|
| Description: | Notes
|
| Bookrunners: | Citigroup, UBS
|
| Trade date: | May 18
|
| Settlement date: | May 26
|
| Expected ratings: | Moody’s: A3
|
| Standard & Poor’s: A-
|
| Fitch: A-
|
| Distribution: | Regulation S
|
|
|
| Five-year notes
|
| Amount: | $300 million
|
| Maturity: | May 26, 2020
|
| Coupon: | 3%
|
| Price: | 99.467
|
| Spread: | Treasuries plus 160 bps
|
| Price talk: | Treasuries plus 160 bps to 165 bps
|
|
|
| 10-year notes
|
| Amount: | $700 million
|
| Maturity: | May 26, 2025
|
| Coupon: | 4 1/8%
|
| Price: | 98.83
|
| Spread: | Treasuries plus 205 bps
|
| Price talk: | Treasuries plus 205 bps to 210 bps
|
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