New York, Nov. 10 - China Oriental Group Co. Ltd. said it priced $300 million of 7% seven-year senior notes (Ba1/-/BB+) at par to yield 7%.
Deutsche Bank AG, Singapore Branch was bookrunner and ING Bank NV London Branch was joint lead manager for the sale, which was offered via Rule 144A and Regulation S.
The notes have a make-whole call for the first four years and are then callable at a premium. There is an equity clawback for the first three years at 107.
Proceeds will be used to refinance short-term debt.
China Oriental Group is an integrated iron and steel manufacturer based in Hong Kong.
| Issuer: | China Oriental Group Co. Ltd.
|
| Issue: | Senior notes
|
| Amount: | $300 million
|
| Maturity: | Nov. 17, 2017
|
| Coupon: | 7%
|
| Price: | Par
|
| Yield: | 7%
|
| Call: | Make-whole call until Nov. 17, 2014, then at a premium
|
| Equity clawback: | For 35% until Nov. 17, 2013 at 107
|
| Pricing date: | Nov. 10
|
| Underwriters: | Deutsche Bank AG, Singapore Branch (books), ING Bank NV London Branch (joint lead)
|
| Ratings: | Moody's: Ba1
|
| Fitch: BB+
|
| Distribution: | Rule 144A, Regulation S
|
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