cii-carbon-prices-bond-amid-renewed-volatility

CII Carbon prices bond amid renewed volatility

The $235 million deal prices at the tight end as some commentators question whether the transaction counts as Asian high-yield.
US-based CII Carbon, a unit of IndiaÆs Rain Calcining Limited RCL, raised $235 million in bonds on Thursday through a 144A Reg-S eight-year non-call-four transaction generating a final order book of $1.4 billion amid renewed volatility. The proceeds of the funds will be used to repay the bridge loan provided by Citi for RainÆs acquisition of CII Carbon.

The deal closed and priced at the tight end despite a weaker market, with risk aversion staging a comeback following negative news from Citi and reinsurers, and upcoming supply. Investors û already digesting the prospect of Country GardenÆs $1.5 billion deal hitting the markets û saw the pipeline swell as Chinese Property developer Agile announced...
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