Bookrunners bank on hot market for risky Road King credit
Road King's diversification into property development causes concern for some investors as the company lines up for a $300 million fixed and floating note transaction.
Road King Infrastructure, an operator of toll roads and expressways in China - and a property developer since 2004 û is due to price a dual-tranche bond that includes a $200 million seven-year fixed-rate note, and a $100 million five-year FRN. The deal is managed by JPMorgan and DBS and should price this week.
The company suffered downgrades by Standard and PoorÆs and MoodyÆs at the beginning of the week. Standard and PoorÆs lowered its rating to BB...
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