Chaoda Modern Agriculture raised a slightly increased $225 million yesterday February 1 via a five-year deal led by Credit Suisse First Boston, Deutsche Bank and Merrill Lynch. Pricing came at the tight end of revised guidance after the deal accumulated an order book of $1.3 billion.
Terms were fixed on an issue price of 98.985% and coupon of 7.75% to yield 8% or 430bp over Treasuries. Fees are 1.6%.
The company initially set out with a $200 million target and indicative pricing around the 8.5% mark.
The most obvious pricing comparable is fellow China mid cap Asia Aluminium, which has the same Ba3...