By Taylor Fox
New York, Nov. 12 – Halcyon Agri Corp. Ltd. priced $200 million of 3.8% guaranteed subordinated perpetual securities (Baa2) guaranteed by Sinochem International Corp., according to a company announcement.
If the securities are not redeemed by the first call date, Nov. 18, 2025, the distribution rate will reset, and every five calendar years thereafter, to a relevant reset distribution rate equivalent to the sum of the initial spread of 3.345%, the then-prevailing five-year U.S. Treasury rate and a margin of 3% per annum.
The proceeds of the securities will be used for operating cash flows and other fixed commitments of the group, including refinancing of its existing debt.
DBS Bank Ltd., China Construction Bank Corp. Singapore Branch and CMBC Securities Co. Ltd. have been appointed as joint global coordinators, and together with ING Bank NV, Singapore Branch, have been appointed as joint bookrunners and joint lead managers in relation to the securities.
Halcyon is a rubber company based in Singapore.
Issuer: | Halycon Agri Corp. Ltd.
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Guarantor: | Sinochem International Corp.
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Issue: | Guaranteed subordinated securities
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Amount: | $200 million
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Maturity: | Perpetual
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Bookrunners: | DBS Bank Ltd., China Construction Bank Corp. Singapore Branch, CMBC Securities Co. Ltd., ING Bank NV, Singapore Branch
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Coupon: | 3.8% initial rate, resets to 3.345% plus five-year U.S. Treasury rate plus 3%
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Call: | Nov. 18, 2025 first call date and any distribution payment date thereafter
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Trade date: | Nov. 11
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Settlement date: | Nov. 18
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Ratings: | Moody’s: Baa2
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Distribution: | Regulation S
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