By Wendy Van Sickle
Columbus, Ohio, April 12 – China’s Beijing Enterprises Holdings Ltd. priced €800 million of 1.3% guaranteed bonds due 2022 (Baa1/BBB+) at 99.966 on Tuesday, according to a term sheet.
Bank of China (Hong Kong) Ltd., Deutsche Bank AG, London Branch and UBS AG Hong Kong Branch were the joint global coordinators for the Regulation S deal and are joint bookrunners along with Agricultural Bank of China Ltd. Hong Kong Branch, Bank of Communications Co., Ltd. Hong Kong Branch, China Construction Bank (Asia) Corporation Ltd., DBS Bank Ltd., Industrial and Commercial Bank of China (Asia) Ltd., Industrial and Commercial Bank of China (Europe) SA and Wing Lung Bank Ltd.
The bonds are callable at any time at the higher of par plus accrued interest or their make-whole price.
Holders may put to the bonds at 101 plus accrued interest in the event of a change of control.
Proceeds will be used to refinance existing debt, for working capital and for general corporate purposes.
Beijing Enterprises is a Beijing-based integrated public utilities company with core business covering city gas, water treatment and solid waste treatment.
| Issuer: | Beijing Enterprises Holdings Ltd.
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| Amount : | €800 million
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| Maturity: | April 21, 2022
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| Description: | Guaranteed bonds
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| Bookrunners: | Bank of China (Hong Kong) Ltd., Deutsche Bank AG, London Branch and UBS AG Hong Kong Branch, Agricultural Bank of China Ltd. Hong Kong Branch, Bank of Communications Co., Ltd. Hong Kong Branch, China Construction Bank (Asia) Corporation Ltd., DBS Bank Ltd., Industrial and Commercial Bank of China (Asia) Ltd., Industrial and Commercial Bank of China (Europe) SA and Wing Lung Bank Ltd.
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| Coupon: | 1.3%
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| Price: | 99.966
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| Call option: | At any time at greater of par plus interest or make-whole price
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| Put: | At 101 plus interest upon change of control event
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| Trade date: | April 12
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| Settlement date: | April 21
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| Ratings: | Moody’s: Baa1
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| Standard & Poor’s: BBB+
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| Distribution: | Regulation S
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