By William Gullotti
Buffalo, N.Y., Dec. 6 – AVIC International Leasing Co., Ltd. subsidiary Soar Wind Ltd. priced $187 million of 6 1/8% guaranteed perpetual capital securities (Baa1) at par, according to a listing notice with an appended offering circular on Wednesday.
The perpetuals are offered under the companies’ $3.5 billion medium-term note and perpetual capital securities program, issued by the subsidiary and guaranteed by the parent.
The initial interest rate will reset on Dec. 5, 2026, and at three-year intervals thereafter, to Treasuries plus 171 basis points plus an additional 300 bps step-up margin.
The perpetuals may be redeemed at par on the first reset date or on any interest payment date thereafter.
ABC International, China Citic Bank International, China Galaxy International, China Securities International, Citic Securities, CMBC Capital, CNCB Capital, DBS Bank Ltd., Guotai Junan International, Haitong International, ICBC International, SMBC Nikko and SPDB International are the joint global coordinators, joint lead managers and joint bookrunners for the syndicated offering.
Proceeds will be used for debt replacement.
Listing for the Regulation S notes is expected on the Hong Kong Exchange effective Dec. 6.
Based in Shanghai, AVIC leases aircraft, aviation products, ships, locomotives, plant scale equipment, electrical equipment, communication equipment and other equipment. Soar Wind was incorporated in the Cayman Islands on June 29 as a special purpose entity.
| Issuer: | Soar Wind Ltd.
|
| Guarantor: | AVIC International Leasing Co., Ltd.
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| Amount: | $187 million
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| Issue: | Guaranteed perpetual capital securities
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| Tenor: | Perpetual
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| Bookrunners: | ABC International, China Citic Bank International, China Galaxy International, China Securities International, Citic Securities, CMBC Capital, CNCB Capital, DBS Bank Ltd., Guotai Junan International, Haitong International, ICBC International, SMBC Nikko and SPDB International
|
| Trustee: | DB Trustees (Hong Kong) Ltd.
|
| Counsel to issuer/guarantor: | Deacons (England), Dacheng (China), Maples and Calder (Hong Kong) LLP (Cayman Islands)
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| Counsel to underwriters: | Linklaters (England), King & Wood Mallesons (China)
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| Coupon: | 6 1/8%, resets at three-year intervals starting Dec. 5, 2026 to Treasuries plus 171 bps plus 300 bps step-up margin
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| Price: | Par
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| Yield: | 6 1/8%
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| Call: | At par starting Dec. 5, 2026 and on any interest payment date thereafter
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| Pricing date: | Nov. 29
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| Issue date: | Dec. 5
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| Listing date: | Dec. 6
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| Rating: | Moody’s: Baa1
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| Distribution: | Regulation S
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| ISIN: | XS2720000426
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