By Wendy Van Sickle
Columbus, Ohio, Nov. 21 – China State Construction Engineering Corp. priced a combined $800 million of five- and 10-year notes (expected ratings: Baa2/BBB+) on Tuesday, according to a term sheet.
The deal included $550 million 3 3/8% notes due 2022 that priced at 99.982.
The $250 million 3 7/8% 10-year notes priced at 99.688.
BofA Merrill Lynch, Bank of China (Hong Kong), CCB International and Credit Suisse were the bookrunners for the Regulation S deal.
The proceeds will be used to refinance existing debt, finance new and existing projects and for general corporate purposes.
The issuer is a Hong Kong-based construction contractor.
| Issuer: | China State Construction Engineering Corp.
|
| Amount: | $800 million
|
| Description: | Notes
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| Bookrunners: | BofA Merrill Lynch, Bank of China (Hong Kong), CCB International and Credit Suisse
|
| Trade date: | Nov. 21
|
| Settlement date: | Nov. 29
|
| Call option: | Make-whole call at any time
|
| Expected ratings: | Moody's: Baa2
|
| Fitch: BBB+
|
| Distribution: | Regulation S
|
|
|
| Five-year notes
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| Amount: | $550 million
|
| Maturity: | Nov. 29, 2022
|
| Coupon: | 3 3/8%
|
| Price: | 99.982
|
|
|
| 10-year notes
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| Amount: | $250 million
|
| Maturity: | Nov. 29, 2027
|
| Coupon: | 3 7/8%
|
| Price: | 99.688
|
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