By Marisa Wong
Morgantown, W.Va., April 13 – China Vanke Co., Ltd. announced the issuance of HK$1.38 billion of three-year notes on Wednesday.
The notes (Baa2/BBB/BBB+) were priced at par to yield 2˝%.
The notes were issued through indirect wholly owned subsidiary Bestgain Real Estate Lyra Ltd. and are guaranteed by wholly owned subsidiary Vanke Real Estate (Hong Kong) Co. Ltd.
ABCI Capital Ltd. and Agricultural Bank of China Ltd. Hong Kong Branch are the dealers for the Regulation S offering.
Proceeds will be used for working capital, investment and other general corporate purposes.
China Vanke is a Shenzhen, China-based residential real estate developer.
| Issuer: | Bestgain Real Estate Lyra Ltd.
|
| Guarantor: | Vanke Real Estate (Hong Kong) Co. Ltd.
|
| Issue: | Notes
|
| Amount: | HK$1,375,000,000
|
| Maturity: | April 13, 2019
|
| Dealers: | ABCI Capital Ltd. and Agricultural Bank of China Ltd. Hong Kong Branch
|
| Coupon: | 2˝%
|
| Price: | Par
|
| Yield: | 2˝%
|
| Settlement date: | April 13
|
| Distribution: | Regulation S
|
| Ratings: | Moody’s: Baa2
|
| Standard & Poor’s: BBB
|
| Fitch: BBB+
|
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