China Forestry, China’s second largest privately owned forestry company, has made its debut in the international debt market with a $300 million five-year bond. The Reg-S144A notes priced early Wednesday morning with a 7.75% semi-annual coupon. The notes were reoffered at par to yield the same 7.75%.
The maturity date has been set to November 17, 2015 and the notes are callable after three years.
This new bond is China Forestry’s only outstanding debt and comes less than a year after the company listed on the Hong Kong stock exchange in early December last year. Therefore, the credit was attractive to investors who are keen to diversify their China high-yield portfolios away...
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