By Marisa Wong
Morgantown, W.Va., Nov. 1 – Aluminum Corp. of China Ltd. (Chalco)’s wholly owned subsidiary, Chalco Hong Kong Investment Co. Ltd., priced $500 million of 4¼% senior perpetual capital securities at par on Monday, according to a company announcement.
The securities are guaranteed by Chalco HongKong Ltd., another wholly owned subsidiary of Chalco.
The distribution rate will be reset on the first call date and every five years after that. The reset distribution rate will be Treasuries plus an initial spread of 293.1 basis points plus a margin of 500 bps.
BOCI Asia Ltd., Barclays Bank plc, DBS Bank Ltd., Natixis, China Citic Bank International Ltd., BOSC International Co. Ltd., Standard Chartered Bank and Haitong International Securities Co. Ltd. are the managers for the Regulation S deal.
Proceeds will be used for refinancing and general corporate purposes.
Chalco is a Beijing-based metals manufacturer.
| Issuer: | Chalco Hong Kong Investment Co. Ltd.
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| Guarantor: | Chalco HongKong Ltd.
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| Issue: | Senior perpetual capital securities
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| Amount: | $500 million
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| Maturity: | Perpetual
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| Coupon: | 4¼%; reset on the first call date and every five years after that; reset distribution rate will be Treasuries plus an initial spread of 293.1 bps plus a margin of 500 bps
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| Price: | Par
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| Managers: | BOCI Asia Ltd., Barclays Bank plc, DBS Bank Ltd., Natixis, China Citic Bank International Ltd., BOSC International Co. Ltd., Standard Chartered Bank and Haitong International Securities Co. Ltd.
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| Call option: | Beginning Nov. 7, 2021
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| Pricing date: | Oct. 31
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| Settlement date: | Nov. 7
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| Distribution: | Regulation S
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