New Issue: China International Capital unit sells $1.2 billion of notes due 2027 in two parts

By Mary Katherine Stinson

Lexington, Ky., Jan. 11 – China International Capital Corp. Ltd. (CICC) priced $1.2 billion of notes in a fixed-rate and a floating-rate tranche at par, according to a notice.

The offering consists of $500 million of 5.012% notes due Jan. 18, 2027 and $700 million of floating-rate notes due Jan. 18, 2027.

The floaters will bear interest at SOFR plus 95 basis points.

The notes are issued under the company’s $10 billion guaranteed medium-term note program by CICC Hong Kong Finance 2016 MTN Ltd. and guaranteed by China International Capital Corp. (International) Ltd. with the benefit of a keepwell deed provided by CICC.

The joint global coordinators are China International Capital Corp. Hong Kong Securities Ltd., Citigroup Global Markets Ltd., Standard Chartered Bank, China Galaxy International and Credit Agricole CIB.

Joining them as joint bookrunners are China Galaxy International, Credit Agricole, Agricultural Bank of China Ltd., Bank of China Ltd., Bank of Communications Co., Ltd., BNP Paribas, China Everbright Bank Co., Ltd., Hong Kong Branch, China Citic Bank International, China Construction Bank (Asia) Corp., Ltd., China Industrial Securities International Brokerage Ltd, China Minsheng Banking Corp., Ltd., Chiyu Banking Corp. Ltd., China Merchants Bank, CNCB Capital, DBS Bank Ltd., Guotai Junan Securities (Hong Kong) Ltd., HSBC, Hua Xia Bank Co., Ltd. Hong Kong Branch, Huatai Financial Holdings (Hong Kong) Ltd., ICBC International Securities Ltd., Industrial Bank Co., Ltd. Hong Kong Branch, Nanyang Commercial Bank, Oversea-Chinese Banking Corp. Ltd., Shanghai Pudong Development Bank Co., Ltd., Hong Kong Branch, Shenwan Hongyuan (H.K.) Ltd., SMBC Nikko Securities (Hong Kong) Ltd. and SPDB International Capital Ltd.

Proceeds from the Regulation S notes will be used to repay debt, for working capital and for general corporate purposes of the guarantor and its subsidiaries.

Listing for the notes is expected on the Hong Kong Exchange effective Jan. 19.

The financial services company is based in Beijing.

Issuer:	CICC Hong Kong Finance 2016 MTN Ltd.
Guarantor:	China International Capital Corp. (International) Ltd.
Keepwell provider:	China International Capital Corp. Ltd.
Amount:	$1.2 billion
Issue:	Notes
Managers:	China International Capital Corp. Hong Kong Securities Ltd., Citigroup Global Markets Ltd., Standard Chartered Bank, China Galaxy International, Credit Agricole CIB, Agricultural Bank of China Ltd., Bank of China Ltd., Bank of Communications Co. Ltd., BNP Paribas, China Everbright Bank Co. Ltd., China Citic Bank International, China Construction Bank (Asia) Corp., Ltd., China Industrial Securities International Brokerage Ltd., China Minsheng Banking Corp., Ltd., Chiyu Banking Corp. Ltd., China Merchants Bank, CNCB Capital, DBS Bank Ltd., Guotai Junan International, HSBC, Hua Xia Bank Co., Ltd. Hong Kong Branch, Huatai International, ICBC, Industrial Bank Co., Ltd. Hong Kong Branch, Nanyang Commercial Bank, OCBC, Shanghai Pudong Development Bank Hong Kong Branch, Shenwan Hongyuan (H.K.), SMBC Nikko Securities (Hong Kong) Ltd. and SPDB International Capital Ltd.
Pricing date:	Jan. 10
Issue date:	Jan. 18
Listing date:	Jan. 19
Distribution:	Regulation S
2027 notes
Amount:	$500 million
Maturity:	Jan. 18, 2027
Coupon:	5.012%
Price:	Par
Yield:	5.012%
Floating-rate notes
Amount:	$700 million
Maturity:	Jan. 18, 2027
Coupon:	SOFR plus 95 bps
Price:	Par
Yield:	SOFR plus 95 bps

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