By Aaron Hochman-Zimmerman
New York, June 9 - China Merchants Holdings Ltd. (Baa2/BBB/) priced $500 million of notes in two parts through bookrunner Merrill Lynch, according to a market source.
The $300 million five-year tranche priced at 99.521 with a coupon of 6 1/8% and a spread of 200 basis points over mid-swaps. The tranche came in the middle of talk for a spread in the mid-swaps plus 200 bps area.
The $200 million 10-year tranche priced at 99.073 with a coupon of 7 1/8% and a spread of 250 bps over mid-swaps. The tranche came at the wide end of talk for a spread of mid-swaps plus 237.5 bps to 250 bps.
There is a change-of-control put at 101.
China Merchants is a Hong Kong-based port management firm.
Issuer: | China Merchants Holdings Ltd.
|
Amount: | $500 million
|
Bookrunner: | Merrill Lynch |
|
Pricing date: | June 6
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Settlement date: | June 18
|
Ratings: | Moody's: Baa2
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| Standard & Poor's: BBB
|
|
Five-year tranche
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Issue: | Notes
|
Amount: | $300 million
|
Maturity: | April 3, 2018
|
Coupon: | 6 1/8%
|
Price: | 99.521
|
Spread: | Treasuries plus 200 bps
|
Price talk: | Mid-swaps plus 200 bps area
|
|
Ten-year tranche
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Issue: | Notes
|
Amount: | $200 million
|
Maturity: | June 18, 2018
|
Coupon: | 7 1/8%
|
Price: | 99.073
|
Spread: | Mid-swaps plus 250 bps
|
Price talk: | Mid-swaps plus 237.5 bps to 250 bps
|
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