By Christine Van Dusen and Jennifer Chiou
Atlanta, Nov. 10 – Cofco Land Holdings Ltd. subsidiary Double Rosy Ltd. announced the issue of $800 million of guaranteed notes due in 2019.
The 3.625% notes priced at 99.493.
According to a market source, the company set talk in the Treasuries plus 220 basis points area for the notes (expected rating: //A).
Goldman Sachs, BOC International, HSBC and DBS Bank are the joint global coordinators. The other joint lead managers for the Regulation S deal are JPMorgan, ANZ, Bank of Communications, ICBC and Wing Lung Bank Ltd.
Net proceeds of about $790.8 million will be used for general corporate purposes and to on-lend to Cofco for the partial payment of the consideration in connection with the proposed acquisition of Joy City Projects.
The issuer is a food-processing company based in Beijing.
| Issuer: | Double Rosy Ltd.
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| Guarantor: | Cofco Land Holdings Ltd.
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| Issue: | Guaranteed notes
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| Amount: | $800 million
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| Maturity: | 2019
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| Coupon: | 3.625%
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| Price: | 99.493
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| Global managers: | Goldman Sachs, BOC International, HSBC and DBS Bank
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| Announcement date: | Nov. 4
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| Pricing date: | Nov. 10
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| Ratings: | Fitch: A-
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