Chicago, Nov. 14 – Qingdao West Coast Development Group Co., Ltd. sold $300 million of 3.9% three-year notes (Baa3//BBB-), according to a news release.
Initial price guidance for the new issue was for a coupon of 4˝%.
Order books were in excess of $2.3 billion for the inaugural dollar-denominated notes from the issuer.
Proceeds will be used for financing domestic construction projects and refinancing offshore debt.
The company is a municipal-owned enterprise with the goal of accelerating construction in the West Coast New Area and is based in Qingdao, China.
| Issuer: | Qingdao West Coast Development Group Co., Ltd.
|
| Issue: | Notes
|
| Amount: | $300 million
|
| Maturity: | Three years
|
| Coupon: | 3.9%
|
| Pricing date: | Nov. 13
|
| Ratings: | Moody’s: Baa3
|
| Fitch: BBB-
|
| Marketing: | Roadshow
|
| Guidance: | 4˝% coupon
|
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