By Christine Van Dusen
Atlanta, April 29 – China’s Beijing Enterprises Holdings Ltd. priced €500 million 1.435% notes due May 7, 2020 (expected ratings: A3/BBB+) at 99.914 to yield 1.453%, or mid-swaps plus 120 basis points, on Wednesday, a market source said.
The notes priced at the tight end of talk, set at 120 bps to 125 bps over mid-swaps.
Deutsche Bank, UBS, ANZ, Bank of China and DBS Bank were the bookrunners for the Regulation S deal.
The notes are being issued via Talent Yield (Euro) Ltd.
The proceeds will be used for refinancing, working capital and general corporate purposes.
| Issuer: | Talent Yield (Euro) Ltd.
|
| Amount: | €500 million
|
| Maturity: | May 7, 2020
|
| Description: | Notes
|
| Bookrunners: | Deutsche Bank, UBS, ANZ
|
| Coupon: | 1.435%
|
| Price: | 99.914
|
| Yield: | 1.453%
|
| Spread: | Mid-swaps plus 120 bps
|
| Change-of-control put: | 101%
|
| Trade date: | April 29
|
| Settlement date: | May 7
|
| Expected ratings: | Moody’s: A3
|
| Standard & Poor’s: BBB+
|
| Distribution: | Regulation S
|
| Price talk: | Mid-swaps plus 120 bps to 125 bps
|
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