Chicago, Aug. 5 – State Grid Overseas Investment (2016) Ltd. priced a dual-currency offering of notes (A+/A+) in two dollar-denominated tranches and two euro-denominated tranches, according to a press release and listing notices.
The notes are guaranteed by State Grid Corp. of China.
The company sold:
• A $300 million tranche of 1% senior guaranteed notes due 2025;
• A $1.15 billion tranche of 1 5/8% senior guaranteed notes due 2030;
• A €1 billion tranche of 0.797% senior guaranteed notes due 2026; and
• A €600 million tranche of 1.303% senior guaranteed notes due 2032.
The company conducted an online roadshow and investor conference call for the Regulation S offering.
The order book topped $14 billion and €6.3 billion from 100 institutions.
The notes were offered under the company’s recently established $15 billion medium-term note program.
Joint global coordinators were Bank of China, ICBC International, HSBC, Citigroup, Morgan Stanley and Goldman Sachs (Asia) LLC.
Proceeds will be used to refinance debt as well as provide funding support to State Grid International Development Ltd.
The power distributor is based in Beijing.
Issuer State Grid Overseas Investment (2016) Ltd.
| Guarantor: | State Grid Corp. of China
|
| Issue: | Senior guaranteed notes
|
| Amount: | $1.45 billion and €1.6 billion
|
| Bookrunners: | Bank of China, ICBC International, HSBC, Citigroup, Morgan Stanley and Goldman Sachs (Asia) LLC (joint global coordinators), DBS Bank Ltd., Banco Santander, SA, Mizuho Securities, MUFG, CCB International, China Construction Bank (Asia), JPMorgan, ABC International, Agricultural Bank of China Ltd. Hong Kong Branch and Deutsche Bank
|
| Ratings: | S&P: A+
|
| Fitch: A+
|
|
|
| Dollar 2025 notes
|
| Amount: | $300 million
|
| Maturity: | 2025
|
| Coupon: | 1%
|
|
|
| Dollar 2030 notes
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| Amount: | $1.15 billion
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| Maturity: | 2030
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| Coupon: | 1 5/8%
|
|
|
| Euro 2026 notes
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| Amount: | €1 billion
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| Maturity: | 2026
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| Coupon: | 0.797%
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|
|
| Euro 2032 notes
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| Amount: | €600 million
|
| Maturity: | 2032
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| Coupon: | 1.303%
|
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