Chicago, July 27 – SPIC MTN Co. Ltd. sold $1 billion 1 5/8% guaranteed notes due 2025 (A2//A), according to a listing notice and a news release.
The notes are guaranteed by parent State Power Investment Corp. Ltd.
The notes priced tighter than talk, initially pegged 52 basis points higher. The offering was 4.6 times oversubscribed from 144 accounts.
In terms of distribution, Asian accounts were allotted 91% of the notes and European accounts subscribed for 9%.
Proceeds will be used for refinancing and general corporate purposes.
Managers for the offering are ICBC International, BOC International, JPMorgan, Bocom International and BofA Securities.
Beijing-based State Power Investment is one of five electricity generation companies in mainland China.
| Issuer: | SPIC MTN Co. Ltd.
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| Guarantor: | State Power Investment Corp. Ltd.
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| Amount: | $1 billion
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| Issue: | Guaranteed notes
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| Maturity: | 2025
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| Managers: | ICBC International, BOC International, JPMorgan, Bocom International and BofA Securities
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| Coupon: | 1 5/8%
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| Pricing date: | July 22
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| Listing date: | July 27
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| Ratings: | Moody’s: A2
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| Fitch: A
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| Price talk: | Priced 52 bps lower than talk
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