China’s Bright Food guides euro-denominated five-year notes to yield mid-swaps plus 160-165 bps

By Rebecca Melvin

New York, June 12 – Bright Food Singapore Holdings Pte. Ltd. guided pricing of a euro-denominated five-year note offering on Wednesday to a yield of mid-swaps plus 160 basis points to 165 bps, according to a syndicate source. Final terms were expected to be set later in the session.

The notes (expected ratings: Baa3/BBB-/BBB+) are guaranteed by Bright Food International Ltd. and also supported by Bright Food (Group) Co. Ltd.

Guidance was revised from earlier talk for a yield in the mid-swaps plus 180 bps to 185 bps area.

The order book at the time of revised guidance was for more than €2.3 billion.

The Regulation S notes are being sold via joint bookrunners BNP Paribas, ICBC, ING, JPMorgan (billing and delivery), Standard Chartered Bank, ABC International, Bank of Communications, BOC International, BOSC International, CCB Singapore, CMBC Capital, DBS Bank Ltd., Industrial Bank Co. Ltd., Hong Kong Branch, OCBC Bank and Shanghai Pudong Development Bank.

The proceeds of the deal are earmarked for repaying existing offshore debt and replenishing working capital.

Bright Food is a Shanghai-based food and beverage manufacturing company.

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