By Christine Van Dusen
Atlanta, May 5 - China's Mega Advance Investments Ltd. sold a $1 billion, two-tranche issue of notes due 2021 and 2041 (Baa1/A-/), a market source said.
The notes - guaranteed by Hong Kong-based conglomerate Beijing Enterprises Holdings Ltd. - included $600 million 5% notes due May 12, 2021 that priced at 98.985 to yield 5.131%, or Treasuries plus 195 basis points. The notes priced in line with talk, which was set at the Treasuries plus 200 bps area.
The second tranche totaled $400 million 6 3/8% notes due May 12, 2041, which came to the market at 99.589 to yield 6.406%, or Treasuries plus 210 bps. The notes priced at the tighter end of talk, which was set at Treasuries plus 200 bps to 225 bps.
Bank of America Merrill Lynch, HSBC, Morgan Stanley, Credit Suisse and UBS were the bookrunners for the Rule 144A and Regulation S notes.
| Issuer: | Mega Advance Investments Ltd.
|
| Guarantor: | Beijing Enterprises Holdings Ltd.
|
| Amount: | $1 billion
|
| Description: | Notes
|
| Bookrunners: | Bank of America Merrill Lynch, Credit Suisse, HSBC, Morgan Stanley, UBS
|
| Trade date: | May 5
|
| Settlement date: | May 12
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: A-
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| 10-year notes
|
| Amount: | $600 million
|
| Maturity: | May 12, 2021
|
| Coupon: | 5%
|
| Price: | 98.985
|
| Yield: | 5.131%
|
| Spread: | Treasuries plus 195 bps
|
| Price talk: | Treasuries plus 200 bps area
|
|
|
| 30-year notes
|
| Amount: | $400 million
|
| Maturity: | May 12, 2041
|
| Coupon: | 6 3/8%
|
| Price: | 99.589
|
| Yield: | 6.406%
|
| Spread: | Treasuries plus 210 bps
|
| Price talk: | Treasuries plus 200 bps to 225 bps
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
