Binhai Investment Company Ltd
Binhai Investment First Issued USD Bonds, oversubscription Reached about 18 Times
Immediately Release April 29, 2015 (Stock Codeļ¼2886.HK) (April 29, 2015 – Hong Kong) Binhai Investment Company Limited (“BICL” or the “Company”, stock code: 2886.HK) is pleased to announce that the Company, the Joint Global Coordinators and the Joint Lead Managers entered into the subscription agreement to subscribe and pay for the bonds in the aggregate principal amount of US$200 million with a rate of 3.25 per cent. due 2018. After the issuance of offshore CNY bonds in 2012 and HK convertible bonds in 2013, the issuance of US$200 million 3-year bonds is another important initiative of BICL in offshore capital market. Besides, it is also the first USD bonds issued in overseas market by a local SOEs through its credit rating. A confirmation of the eligibility for the listing of the Bonds has been received from the Stock Exchange. The proceeds from the bonds will be used for the repayment of borrowings and other indebtedness (including borrowings of HK$775 million from syndicated banks in Hong Kong) and for working capital purposes. The bonds will bear interest from 6 May 2015 at a rate of 3.25 per cent. per annum, payable semiannually in arrear on 6 May and 6 November in each year. Interest will be calculated on the basis of a year of 360 days. The investors responsed enthusiastically from the roadshow of the issuance of the bonds. According to the Joint Global Coordinators, the issuance of the bonds has generated tremendous response in the very beginning and attracts over 160 high quality investors with accumulative orders over US$3.5 billion and oversubscription reaches 18 times. Tianjin TEDA Investment Holding Co., Ltd (“TEDA Investment”), the controlling shareholder of BICL, has entered into a letter of support in favour of the Company, which embodies TEDA Investment’s long-term support to BICL. Furthermore, the Company has been rated “Baa3” by Moody’s and “BBB-” by Fitch before and the bonds are also expected to be assigned a rating of “Baa3” by Moody’s and a rating of “BBB-” by Fitch. The issuance of the bonds can optimize the capital structure of BICL. Besides, the issuance not only successfully expanded the oversea financing channelsm but also prepared a solid foundation for the Tianjin enterprises to realize the “go globe” strategy. Meanwhile, the Company will concentrate on core business and seize the opportunities arising from Tianjing Binhai New Area under the supports of various concerned parties to pursue a rapid development. Standard Chartered (Hong Kong), Guotai Junan Securities (Hong Kong) are the Joint Global Coordinators. Standard Chartered (Hong Kong), Guotai Junan Securities (Hong Kong), Barclays Bank and the Wing Lung Bank are the Joint Lead Managers and Joint Global Bookrunners during the issuance of bonds. ~ End ~ About Binhai Investment Company Limited (stock code: 2886.HK) Binhai Investment Company Limited is principally engaged in the provision of connection services for its gas pipeline networks and sale of gases in the PRC. The Company listed on the main board in Hong Kong on 11 February 2014, stock code 2886. Its market coverage reaches over 6 provinces and 2 cities. With the benefits of the abundant resources in Tianjin, the economic center in Bohai Rim area, and leveraging on the rapid development in Binhai New Area, the Company ties in with the thriving development in Binhai New area with a brand new image to strengthen its principal operation, gas business, expand business scale and foster organic growth. For detailed information of the Company, please visit the website of the Company at http://www.binhaiinv.com. This press release is distributed by Wonderful Sky Financial Group on behalf of Binhai Investment Company Limited. For details, please contact: Wonderful Sky Financial Group Limited End of Press Release +++++ Document: http://n.equitystory.com/c/fncls.ssp?u=RABEFFJVRA Document title: Binhai Investment First Issued USD Bonds, oversubscription Reached about 18 Times Key word(s): Issue of Debt 30/04/2015 UTC+8 Dissemination of a Press Release, transmitted by EQS TodayIR – a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. Media archive at www.todayir.com |
351291 30/04/2015 UTC+8 |