BOC Aviation prices offshore RMB1.5bn in 4-year fixed rate senior unsecured notes

BOC Aviation has priced RMB1.5bn in 4-year fixed rate senior unsecured notes (the “Notes”) at a coupon of 4.2% per annum. The Notes will close on November 5th, 2014, subject to satisfaction of customary closing conditions. The transaction was issued off BOC Aviation’s US$5bn Euro Medium Term Note Programme and was jointly arranged by BOC International and the Hongkong and Shanghai Banking Corporation Limited. The Notes are denominated in offshore Chinese RMB and will bear a fixed interest coupon of 4.2% per annum with interest payable semi-annually in arrears. BOC Aviation will apply the net proceeds to fund its new capital expenditure, for general corporate purposes and/or refinancing existing borrowings. The Notes will be listed on the SGX-ST, and will be rated BBB- by Standard & Poor’s Rating Services, and A- by Fitch Ratings.