New Issue: AVIC’s Soar Wise prices $500 million 5.15% guaranteed notes due 2027 at 99.992

By William Gullotti

Buffalo, N.Y., March 19 – AVIC International Leasing Co., Ltd. subsidiary Soar Wise Ltd. priced $500 million of 5.15% guaranteed notes due 2027 (//A-) at 99.992, according to a listing notice with an appended offering circular on Tuesday.

The notes are issued under the issuer’s $3.5 billion medium-term note program and guaranteed by the parent.

Bank of China Ltd., Bank of Communications Co., Ltd., Hong Kong Branch, Bocom International Securities Ltd., China Citic Bank International Ltd., DBS Bank Ltd., Industrial and Commercial Bank of China (Europe) SA, Industrial and Commercial Bank of China (Macau) Ltd., Industrial and Commercial Bank of China Ltd., Singapore Branch, ICBC International Securities Ltd., ABCI Capital Ltd., China Everbright Bank Co., Ltd., Hong Kong Branch, China Galaxy International Securities (Hong Kong) Co., Ltd., China International Capital Corp., Hong Kong Securities Ltd., China Minsheng Banking Corp., Ltd., Hong Kong Branch, China Securities (International) CFC Ltd., CLSA Ltd., CMB Wing Lung Bank Ltd., Guotai Junan Securities (Hong Kong) Ltd., Hua Xia Bank Co., Ltd., Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch, Oversea-Chinese Banking Corp., Ltd., Shanghai Pudong Development Bank Co., Ltd., Hong Kong Branch and SMBC Nikko Securities (Hong Kong) Ltd. are the bookrunners for the offering.

Proceeds will be used for debt replacement.

Listing for the Regulation S notes is expected on the Hong Kong Exchange effective March 19.

Based in Shanghai, AVIC leases aircraft, aviation products, ships, locomotives, plant scale equipment, electrical equipment, communication equipment and other equipment.

Issuer:	Soar Wise Ltd.
Guarantor:	AVIC International Leasing Co., Ltd.
Amount:	$500 million
Issue:	Guaranteed notes
Maturity:	March 18, 2027
Bookrunners:	Bank of China Ltd., Bank of Communications Co., Ltd., Hong Kong Branch, Bocom International Securities Ltd., China Citic Bank International Ltd., DBS Bank Ltd., Industrial and Commercial Bank of China (Europe) SA, Industrial and Commercial Bank of China (Macau) Ltd., Industrial and Commercial Bank of China Ltd., Singapore Branch, ICBC International Securities Ltd., ABCI Capital Ltd., China Everbright Bank Co., Ltd., Hong Kong Branch, China Galaxy International Securities (Hong Kong) Co., Ltd., China International Capital Corp., Hong Kong Securities Ltd., China Minsheng Banking Corp., Ltd., Hong Kong Branch, China Securities (International) CFC Ltd., CLSA Ltd., CMB Wing Lung Bank Ltd., Guotai Junan Securities (Hong Kong) Ltd., Hua Xia Bank Co., Ltd., Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch, Oversea-Chinese Banking Corp., Ltd., Shanghai Pudong Development Bank Co., Ltd., Hong Kong Branch and SMBC Nikko Securities (Hong Kong) Ltd.
Trustee:	DB Trustees (Hong Kong) Ltd.
Counsel to issuer/guarantor:	Deacons (England), Dacheng (China), Maples and Calder (Hong Kong) LLP (Cayman Islands)
Counsel to underwriters:	Linklaters (England), King & Wood Mallesons (China)
Coupon:	5.15%
Price:	99.992
Change of control:	At 101 plus interest
No registration event:	At par plus interest
Pricing date:	March 12
Issue date:	March 18
Listing date:	March 19
Rating:	Fitch: A-
Distribution:	Regulation S
ISIN:	XS2775780690

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