New Issue: China’s Syngenta sells $500 million 5% senior notes due 2026 at 99.544

By William Gullotti

Buffalo, N.Y., Oct. 20 – Syngenta Group Finance Ltd., a wholly owned subsidiary of Syngenta Group Co., Ltd., priced $500 million of 5% senior notes due April 19, 2026 (Baa1/BBB+/A) at 99.544, according to a listing notice with an appended offering circular on Thursday.

The subsidiary will issue the notes with the parent company acting as guarantor.

The notes have a make-whole call, prior to March 19, 2026, at the greater of par and the sum of the present values of the remaining scheduled payment of principal and interest, discounted at Treasuries plus 15 basis points followed by a par call until maturity. The notes may also be redeemed early for taxation reasons or upon occurrence of a SAFE noncompliance event at par. In each aforementioned case, accrued and unpaid interest will also be paid.

Noteholders will be able to exercise put rights at 101 plus interest if a change of control occurs.

Bank of China, Citigroup, HSBC, ABC International, Bank of Communications, China Construction Bank (Asia), China International Capital Corp., China Minsheng Banking Corp., Ltd., Hong Kong Branch, DBS Bank Ltd., ICBC (Asia), JPMorgan and Morgan Stanley are the joint lead managers and joint bookrunners for the offering, with Bank of China, Citi and HSBC also serving as joint global coordinators.

Proceeds will be used for general corporate purposes, which may include repayment of debt.

Application will be made to list the Regulation S notes on the Stock Exchange of Hong Kong Ltd.

The issuer is a wholly owned subsidiary of the guarantor, incorporated in the British Virgin Islands on Aug. 30. Based in China, Syngenta is a global agricultural technology company engaged in modern seed processing research and development, crop nutrition products development and other businesses.

Issuer:	Syngenta Group Finance Ltd.
Guarantor:	Syngenta Group Co., Ltd.
Amount:	$500 million
Issue:	Senior notes
Maturity:	April 19, 2026
Bookrunners:	Bank of China, Citigroup, HSBC, ABC International, Bank of Communications, China Construction Bank (Asia), China International Capital Corp., China Minsheng Banking Corp., Ltd., Hong Kong Branch, DBS Bank Ltd., ICBC (Asia), JPMorgan and Morgan Stanley
Co-manager:	Luso Bank Ltd.
Trustee:	Bank of New York Mellon, London Branch
Counsel to issuer:	Linklaters LLP (Hong Kong, U.S.), Haiwen & Partners (China), Walkers (Hong Kong) (BVI)
Counsel to underwriters:	Clifford Chance (Hong Kong, U.S.), JunHe LLP (China)
Coupon:	5%
Price:	99.544
Calls:	Make-whole call prior to March 19, 2026 at the greater of par and the sum of the present values of the remaining scheduled payment of principal and interest, discounted at Treasuries plus 15 bps; par call starting March 19, 2026; at any time for taxation reasons at par; mandatory for SAFE noncompliance event at par; all calls will also include accrued and unpaid interest
Change of control:	At 101 plus interest
Pricing date:	Oct. 12
Issue date:	Oct. 19
Ratings:	Moody’s: Baa1
	S&P: BBB+
	Fitch: A
Distribution:	Regulation S
ISIN:	XS2543373075

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