Published on 7/22/2021 in the Prospect News Emerging Markets Daily.
New Issue: China’s Chalco sells $1 billion of guaranteed bonds due 2024, 2026
Chicago, July 22 – Aluminum Corp. of China Ltd. (Chalco) sold $1 billion of guaranteed bonds in two equal-sized parts (//A-) on Wednesday, according to an announcement.
The notes are being issued by subsidiary Chalco Hong Kong Investment Co. Ltd. and guaranteed by the parent.
The company sold $500 million of 1.55% three-year bonds at 99.796 and $500 million of 2.1% five-year bonds at 99.736.
Both series can be redeemed at any time at the option of the issuer with a make-whole premium. One month before maturity of each series, the issuer can call the notes at par.
Managers for the issue are China Citic Bank International Ltd., DBS Bank Ltd., Bank of China Ltd., BOCI Asia Ltd., China Construction Bank (Asia) Corp. Ltd., Barclays, Credit Agricole CIB, Societe Generale and Shanghai Pudong Development Bank Co., Ltd., Hong Kong Branch.
Proceeds will be used to refinance existing offshore debt.
Chalco is a Beijing-based metals manufacturer.
| Issuer: | Chalco Hong Kong Investment Co. Ltd.
|
| Guarantor: | Aluminum Corp. of China Ltd.
|
| Issue: | Guaranteed bonds
|
| Amount: | $1 billion
|
| Bookrunners: | China Citic Bank International Ltd., DBS Bank Ltd., Bank of China Ltd., BOCI Asia Ltd., China Construction Bank (Asia) Corp. Ltd., Barclays, Credit Agricole CIB, Societe Generale and Shanghai Pudong Development Bank Co., Ltd., Hong Kong Branch
|
| Trustee: | China Construction Bank (Asia) Corp. Ltd.
|
| Trade date: | July 21
|
| Settlement date: | July 28
|
| Rating: | Fitch: A-
|
| Distribution: | Regulation S
|
|
|
| 2024 notes
|
| Amount: | $500 million
|
| Maturity: | July 28, 2024
|
| Coupon: | 1.55%
|
| Price: | 99.796
|
| Call features: | Make-whole call until June 28, 2024, then par call
|
|
|
| 2026 notes
|
| Amount: | $500 million
|
| Maturity: | July 28, 2026
|
| Coupon: | 2.1%
|
| Price: | 99.736
|
| Call features: | Make-whole call until June 28, 2026, then par call
|
|
|
© 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.
