By Paul A. Harris
St. Louis, Feb. 28 - CMHI Finance (Cayman) Inc., issuing in conjunction with HK China Merchants Holdings International, priced an upsized $500 million 10-year notes (Baa2/BBB-) at 99.885 with a 5 3/8% coupon to yield 5.39%, according to a market source.
The notes priced at a spread to Treasuries of 113 basis points. That was tight to price talk that had been revised to the 115 basis points area from 115 to 125 basis points.
Bank of China, HSBC and Merrill Lynch & Co. were the bookrunners.
Proceeds will be used to refinance debt and for general corporate purposes.
The issue was upsized from $350 million.
The issuer is a holding company for the Hong Kong-listed national industrial and commercial conglomerate and shipping company.
| Issuer: | CMHI Finance (Cayman) Inc./HK China Merchants Holdings International
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| Amount: | $500 million (upsized from $350 million)
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| Maturity: | March 9, 2015
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| Bookrunners: | Bank of China, HSBC, Merrill Lynch & Co.
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| Coupon: | 5 3/8%
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| Price: | 99.885
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| Yield: | 5.39%
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| Spread: | 113 basis points
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| Trade date: | Feb. 28
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| Settlement date: | March 7
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| Ratings: | Moody's: Baa2
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| Standard & Poor's: BBB-
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| Price talk: | 115 basis points area (revised from 115-125 basis points)
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