Government-owned Shanghai Huayi sold an inaugural $350 million five-year debt offering on Monday night, braving fragile commodity chemical market conditions to raise funds for refinancing and working capital purposes.
Irrevocably and unconditionally guaranteed by Huayi Group, the bond priced at US Treasuries plus 245 basis points, which is 20bp tighter than bankers' initial price guidance, sources familiar with the matter said.
Shanghai Huayi, a major producer of bulk chemicals in eastern China, included a keepwell and liquidity support deed in the Baa3BBB-BBB rated notes. A keepwell deed is essentially a contract between a parent company and a subsidiary to...
¬ Haymarket Media Limited. All rights reserved.
