By Rebecca Melvin
New York, July 27 –China's Shougang Co. Ltd., a subsidiary of steel maker Shougang Corp., priced €400 million of 1.35% three-year senior notes (expected ratings: //A-) at 99.875 to yield 1.393%, or mid-swaps plus 142.5 basis points, on Thursday, according to a syndicate source.
The Regulation S deal was talked at up to €400 million in size with a yield of mid-swaps plus 142.5 bps to 147.5 bps, which was revised downward during marketing from mid-swaps plus 165 bps.
BNP Paribas, Bank of China, DBS Bank Ltd. and ICBC were joint bookrunners of the notes, which have a change-of-control put at 101%.
Proceeds will be used for general corporate purposes.
Listing on the global exchange of the Irish Stock Exchange is planned.
Shougang is a Beijing-based steel company.
| Issuer: | Shougang Corp.
|
| Amount: | €400 million
|
| Maturity: | Aug. 7, 2020
|
| Description: | Senior unsecured notes
|
| Bookrunners: | BNP Paribas, Bank of China, DBS Bank Ltd. and ICBC
|
| Coupon: | 1.35%
|
| Price: | 99.875
|
| Yield: | 1.393%
|
| Spread: | Mid-swaps plus 142.5 bps
|
| Change-of-control put: | 101%
|
| Trade date: | July 27
|
| Settlement date: | Aug. 7
|
| Distribution: | Regulation S
|
| Price talk: | Mid-swaps plus 142.5 bps to 147.5 bps, revised down from mid-swaps plus 165 bps
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
