China’s Bright Food sets spread for euro-denominated five-year notes at mid-swaps plus 160 bps

By Rebecca Melvin

New York, June 12 – Bright Food Singapore Holdings Pte. Ltd. has set the spread for its euro-denominated five-year notes (expected ratings: Baa3/BBB-/BBB+) to yield 160 basis points over mid-swaps, according to a syndicate source on Wednesday.

The notes are guaranteed by Bright Food International Ltd. and also supported by Bright Food (Group) Co. Ltd.

Pricing was tightened from talk for a spread of mid-swaps plus 160 bps to 165 bps and earlier guidance of mid-swaps plus 180 bps to 185 bps area.

The order book stood in excess of €2.2 billion at the time when final terms were set.

BNP Paribas, ICBC, ING, JPMorgan (billing and delivery), Standard Chartered Bank, ABC International, Bank of Communications, BOC International, BOSC International, CCB Singapore, CMBC Capital, DBS Bank Ltd., Industrial Bank Co. Ltd., Hong Kong Branch, OCBC Bank and Shanghai Pudong Development Bank were joint bookrunners for the Regulation S deal.

The proceeds are earmarked for repaying existing offshore debt and replenishing working capital.

Bright Food is a Shanghai-based food and beverage manufacturing company.

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