By Rebecca Melvin
Concord, N.H., May 13 – CRCC Hean Ltd. has issued $300 million 1 7/8% notes due 2026 and €300 million of 7/8% notes due 2026, which are guaranteed by China Railway Group Ltd., according to a company announcement.
The dollar deal will price at 99.881, and the euro deal will price at 99.786.
The notes are callable in whole but not in part at par plus interest in the event of a tax event, and there is a change-of-control put at 101.
Joint bookrunners of the Regulation S deal are ICBC, Bank of China (Hong Kong), DBS Bank Ltd. and BNP Paribas, acting as global coordinators, together with CCB International, ABC International, Bocom International, CLSA and Societe Generale.
The proceeds will be used to repay debt due and replenish working capital or overseas construction projects.
The notes are expected to be listed on the Hong Kong Stock Exchange.
The construction group is based in Beijing.
| Issuer: | CRCC Hean Ltd.
|
| Guarantor: | China Railway Group Ltd.
|
| Description: | Notes
|
| Amount: | $300 million and €300 million
|
| Maturity: | May 20, 2026
|
| Bookrunners: | ICBC, Bank of China (Hong Kong), DBS Bank Ltd. and BNP Paribas (global coordinators); CCB International, ABC International, Bocom International, CLSA and Societe Generale
|
| Pricing date: | May 12
|
| Closing date: | May 20
|
| Distribution: | Regulation S
|
|
|
| Dollar notes
|
| Amount: | $300 million
|
| Coupon: | 1 7/8%
|
| Price: | 99.881
|
|
|
| Euro notes
|
| Amount: | €300 million
|
| Coupon: | 7/8%
|
| Price: | 99.786
|
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