By Wendy Van Sickle
Columbus, Ohio, Jan. 23 – China’s Biostime International Holdings Ltd. priced an upsized $200 million add-on to its existing 7¼% senior notes due June 21, 2021 (Ba3/BB-) on Monday at 104.50, according to a term sheet.
Goldman Sachs is the bookrunner for the Rule 144A and Regulation S deal.
The company had initially planned a $150 million add-on to the notes.
The proceeds will be used to fund an acquisition.
The notes are callable on or after June 21, 2018 at 103.625, from June 21, 2019 at 101.8125 and from June 21, 2020 at par.
The original issue of $400 million notes priced in June at par.
Biostime, based in Guangzhou, provides pediatric nutritional and baby care products in China.
| Issuer: | Biostime International Holdings Ltd.
|
| Issue: | Senior notes, add-on
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| Amount: | $200 million, increased from $150 million
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| Maturity: | June 21, 2021
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| Coupon: | 7¼%
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| Price: | 104.50
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| Bookrunner: | Goldman Sachs
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| Call option: | On or after June 21, 2018 at 103.625, from June 21, 2019 at 101.8125 and from June 21, 2020 at par
|
| Pricing date: | Jan. 23
|
| Distribution: | Rule 144A/Regulation S
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| Ratings: Moody’s: Ba3
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| S&P: BB-
|
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