By Rebecca Melvin
New York, July 15 – Bright Food Singapore Holdings Pte. Ltd. priced €800 million 1.75% five-year senior notes (Baa3/BBB-/BBB+) on Wednesday at 99.73 to yield 1.807%, or mid-swaps plus 215 basis points, according to a syndicate source.
The notes are guaranteed by Bright Food International Ltd. and also supported by Bright Food (Group) Co. Ltd.
Pricing of the Regulation S deal was tightened from initial talk for a spread in the mid-swaps plus 250 bps area.
The order book stood in excess of €3.25 billion at the time when final price guidance was released.
The notes have a make-whole call at Bunds plus 40 bps.
Bank of China, BNP Paribas (billing and delivery), China Construction Bank (Asia), DBS Bank Ltd., ICBC, Shanghai Pudong Development Bank Hong Kong Branch, Standard Chartered Bank, ABC International and J.P. Morgan are joint lead managers and joint bookrunners for the deal, which is expected to be listed on the Global Exchange Market of Irish Stock Exchange, or Euronext Dublin.
The proceeds of the notes will be used to repay the group’s existing offshore debt.
Bright Food is a Shanghai-based food and beverage manufacturing company.
| Issuer: | Bright Food Singapore Holdings Pte. Ltd.
|
| Guarantor: | Bright Food International Ltd.
|
| Issue: | Senior notes
|
| Amount: | €800 million
|
| Maturity: | July 22, 2025
|
| Bookrunners: | Bank of China, BNP Paribas (billing and delivery), China Construction Bank (Asia), DBS Bank Ltd., ICBC, Shanghai Pudong Development Bank Hong Kong Branch, Standard Chartered Bank, ABC International and J.P. Morgan
|
| Coupon: | 1.75%
|
| Price: | 99.73
|
| Yield: | 1.807%
|
| Spread: | 215 bps over mid-swaps
|
| Calls: | At make-whole of Bunds plus 40 bps
|
| Expected ratings: | Moody’s: Baa3
|
| S&P: BBB-
|
| Fitch: BBB+
|
| Pricing date: | July 15
|
| Settlement: | July 22
|
| Distribution: | Regulation S
|
| Talk: | Mid-swaps plus 250 bps area
|
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