New Issue: China Modern Dairy prices $500 million 2 1/8% five-year bonds

By Marisa Wong

Los Angeles, July 8 – China Modern Dairy Holdings Ltd. priced $500 million of 2 1/8% bonds due 2026 (expected: BBB) at 99.717 after trading hours on Wednesday, according to a company announcement.

Joint lead managers and joint bookrunners are Barclays Bank plc, Citigroup Global Markets Ltd., DBS Bank Ltd., J.P. Morgan Securities plc, China International Capital Corp. Hong Kong Securities Ltd., Cooperatieve Rabobank UA, Hong Kong Branch and CMB International Capital Ltd.

Proceeds from the Regulation S offering will be used for refinancing and general corporate purposes.

The dairy farming company is based in Maanshan, Anhui, China.

Issuer:	China Modern Dairy Holdings Ltd.
Issue:	Bonds
Amount:	$500 million
Maturity:	July 14, 2026
Bookrunners:	Barclays Bank plc, Citigroup Global Markets Ltd., DBS Bank Ltd., J.P. Morgan Securities plc, China International Capital Corp. Hong Kong Securities Ltd., Cooperatieve Rabobank UA, Hong Kong Branch and CMB International Capital Ltd.
Coupon:	2 1/8%
Price:	99.717
Call features:	Make-whole call in whole at any time prior to June 14, 2026; par call in whole at any time on or after June 14, 2026; in whole at par at any time upon tax change event
Put option:	At 101 upon change of control
Pricing date:	July 7
Settlement date:	July 14
Expected rating:	S&P: BBB
Distribution:	Regulation S

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.