China Fishery unit whispers seven-year dollar notes at high 9% area

By Christine Van Dusen

Atlanta, July 23 - China's CFG Investment SAC whispered its planned seven-year issue of dollar-denominated notes (Ba3/BB-/BB-) at the high 9% area, a market source said Monday.

The deal is expected to price on Tuesday.

HSBC, Bank of America Merrill Lynch, Standard Chartered, ANZ, Jefferies, Rabobank and Deutsche Bank are the bookrunners for the deal.

The notes are non-callable for four years.

Proceeds will be used to fund the expansion of the group's fishing operations in the North Pacific Ocean, to repay debt and to finance working capital.

The notes are guaranteed by China Fishery Group Ltd., a Hong Kong-based manager and operator of fishing vessels for coastal and deep sea industrial fishing.

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