Published on 3/15/2022 in the Prospect News Emerging Markets Daily.
New Issue: China International Capital prices $600 million 2 7/8% notes due 2025 at 99.476
By William Gullotti
Buffalo, N.Y., March 15 – China International Capital Corp. Ltd. priced $600 million of 2 7/8% notes due 2025 (BBB+) at 99.476, according to an announcement on Tuesday.
The notes were issued under the company’s $10 billion guaranteed medium-term note program by CICC Hong Kong Finance 2016 MTN Ltd. and guaranteed by China International.
CICC HK Securities, Citigroup, Standard Chartered Bank, Bank of Communications, China Merchants Bank, ICBC and Shanghai Pudong Development Bank Hong Kong Branch are the joint global coordinators, joint lead managers and joint bookrunners for the offering.
Also serving as joint lead managers and joint bookrunners are ABC International, BNP Paribas, China Citic Bank International, China Construction Bank, China Everbright Bank, China Galaxy International, China Minsheng Bank, CNCB Capital, Industrial Bank Co., Ltd., Hong Kong Branch and Yue Xiu Securities.
Proceeds from the Regulation S notes will be used to repay debt, for working capital and for general corporate purposes of the guarantor and its subsidiaries.
Listing for the notes is expected on the Hong Kong Exchange effective March 22.
The financial services company is based in Beijing.
| Issuer: | CICC Hong Kong Finance 2016 MTN Ltd.
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| Guarantor: | China International Capital Corp. Ltd.
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| Amount: | $600 million
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| Issue: | Notes
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| Maturity: | March 21, 2025
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| Bookrunners: | CICC HK Securities, Citigroup, Standard Chartered Bank, Bank of Communications, China Merchants Bank, ICBC, Shanghai Pudong Development Bank Hong Kong Branch, ABC International, BNP Paribas, China Citic Bank International, China Construction Bank, China Everbright Bank, China Galaxy International, China Minsheng Bank, CNCB Capital, Industrial Bank Co., Ltd., Hong Kong Branch and Yue Xiu Securities
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| Trustee: | Citicorp International Ltd.
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| Coupon: | 2 7/8%
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| Price: | 99.476
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| Pricing date: | March 14
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| Issue date: | March 21
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| Listing date: | March 22
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| Rating: | S&P: BBB+
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| Distribution: | Regulation S
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