CLP Power Reports on Issue of Notes
OREANDA-NEWS. October 29, 2012. CLP Power Hong Kong Limited (“CLP Power”) announces that its wholly-owned subsidiary CLP Power Hong Kong Financing Limited has priced USD600 million in aggregate principal amount of senior unsecured fixed rate notes, comprising USD300 million 2.875% notes due 2023 (the “2023 Notes”) and USD300 million 3.375% notes due 2027 (the “2027 Notes” and together with the 2023 Notes, the “Notes”) under CLP Power Hong Kong Financing Limited’s USD3.5 billion Medium Term Note Programme. The Notes will be unconditionally and irrevocably guaranteed by CLP Power, rated A1 and A by Moody’s and Standard and Poor’s, respectively, and listed on The Stock Exchange of Hong Kong Limited, reported the press-centre of CLP Power.
The 2023 Notes have been priced at 120 basis points over the 10-year U.S. Treasury Note to yield 2.996%. A coupon of 2.875% will be payable semi-annually in arrear. The 2023 Notes will be redeemed at par on 26 April 2023. The 2027 Notes have been priced at 165 basis points over the 10-year US Treasury Note to yield 3.446%. A coupon of 3.375% will be payable semi-annually in arrear.
The 2023 Notes were nearly 13.3 times over-subscribed with more than USD4 billion in orders from global investors. The 2027 Notes were nearly 7.5 times over-subscribed with more than USD2.25 billion in orders from global investors.
The Joint Bookrunners are Citi, Goldman Sachs (Asia) L.L.C., HSBC, Mitsubishi UFJ Securities and Standard Chartered Bank (Hong Kong) Limited.
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