New Issue: China Railway prices $500 million 2 7/8% notes due 2022 at 99.741

By Wendy Van Sickle

Columbus, Ohio, July 18 – China Railway Group Ltd. priced a $500 million issue of 2 7/8% notes due 2022 (expected: A3//A-) at 99.741 on Tuesday, according to a company announcement.

Standard Chartered Bank, Credit Suisse, Morgan Stanley, BOC International, HSBC, DBS Bank Ltd., China Everbright Securities (HK) Ltd., Ping An of China Securities (Hong Kong) Co. Ltd. and Citigroup were the bookrunners for the Regulation S deal.

Proceeds will be used for the group’s offshore businesses and operations and to replenish working capital and repay existing debt.

The construction group is based in Beijing.

Issuer:	China Railway Group Ltd.
Description:	Notes
Amount:	$500 million
Maturity:	July 25, 2022
Coupon:	2 7/8%
Bookrunners:	Standard Chartered Bank, Credit Suisse, Morgan Stanley, BOC International, HSBC, DBS Bank Ltd., China Everbright Securities (HK) Ltd., Ping An of China Securities (Hong Kong) Co. Ltd. and Citigroup.
Price:	99.741
Trade date:	July 18
Settlement date:	July 25
Expected ratings:	Moody's: A3
	Fitch: A-
Distribution:	Regulation S

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