China Knowledge reported that CITIC Pacific Ltd an arm of China biggest state owned investment conglomerate, CITIC Group plans to raise over USD 1 billion through issuing US dollar denominated perpetual bonds and senior unsecured notes with a maturity of ten years this week.

CITIC Pacific plans to issue at least USD 500 million for each tranche of the issue.

Standard & Poors has rated the senior unsecured notes BBB- while Moody has rated the notes Ba1. Proceeds will be used for general corporate purposes such as debt refinancing.

The planned RegS deal will be co-arranged by HSBC Holdings PLC and UBS AG.

(Sourced from China Knowledge)