By William Gullotti
Buffalo, N.Y., March 3 – China Development Bank Financial Leasing Co., Ltd. priced two series of keepwell notes due 2025 and 2027(A2//A+) through CDBL Funding 2, according to a listing notice with an appended offering circular on Thursday.
The Regulation S notes are guaranteed by CDB Leasing (International) Co. Ltd. with the benefit of a keepwell and asset purchase deed provided by China Development Bank Leasing.
The notes will be issued under the company’s $10 billion medium-term note program.
The series maturing in 2025, priced at 99.766, is for an aggregate principal amount of $700 million with a 2¾% coupon.
The notes maturing in 2027, priced at 99.904, total $250 million with a 3 1/8% coupon.
Both series of notes will only be able to be redeemed early for taxation reasons at par plus interest.
Standard Chartered Bank, Bank of Communications, China Citic Bank International, Bank of China, ICBC Singapore, China Construction Bank (Asia), DBS Bank Ltd., Credit Agricole CIB, China International Capital Corp., China Securities International and CTBC Bank are the joint global coordinators, joint lead managers and joint bookrunners.
Also serving as joint lead managers and joint bookrunners are Industrial Bank Co., Ltd., Hong Kong Branch, China Everbright Bank Hong Kong Branch, CMB Wing Lung Bank Ltd., ABC International and CMBC Capital.
Proceeds will be used for working capital and general corporate purposes.
Both tranches are expected to be listed on the Hong Kong Exchange.
The issuer is a subsidiary of Beijing-based China Development Bank.
Issuer: | CDBL Funding 2
|
Guarantors: | CDB Leasing (International) Co. Ltd. and China Development Bank Financial Leasing Co., Ltd. (keepwell deed provider)
|
Amount: | $950 million
|
Issue: | Keepwell notes
|
Bookrunners: | Standard Chartered Bank, Bank of Communications, China Citic Bank International, Bank of China, ICBC Singapore, China Construction Bank (Asia), DBS Bank Ltd., Credit Agricole CIB, China International Capital Corp., China Securities International, CTBC Bank, Industrial Bank Co., Ltd., Hong Kong Branch, China Everbright Bank Hong Kong Branch, CMB Wing Lung Bank Ltd., ABC International and CMBC Capital
|
Call: | For taxation reasons only at par plus interest
|
Pricing date: | Feb. 23
|
Issue date: | March 2
|
Ratings: | Moody’s: A2
|
| Fitch: A+
|
Distribution: | Regulation S
|
|
2025 notes
|
Amount: | $700 million
|
Maturity: | March 2, 2025
|
Coupon: | 2¾%
|
Price: | 99.766
|
ISIN: | XS2423459242
|
|
2027 notes
|
Amount: | $250 million
|
Maturity: | March 2, 2027
|
Coupon: | 3 1/8%
|
Price: | 99.904
|
ISIN: | XS2423459325
|
|
© 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.