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Minmetals to issue US$200M of senior perpetual capital securities

Excel Capital Global Ltd., a subsidiary of Minmetals Land Ltd., is issuing US$200.0 million of 7.0% senior perpetual capital securities at 100.0% of their principal amount on or about May 17.

Proceeds from the offering will be used to refinance Minmetals' existing debt and for general corporate purposes. The securities will be listed on the Hong Kong stock exchange on or about May 18 and will only be issued by way of debt issues to professional investors, the local diversified developer said in a filing.

The May 10 subscription agreement was signed between Excel Capital, Minmetals and joint lead managers Deutsche Bank AG Hong Kong branch, UBS AG Hong Kong branch, Morgan Stanley & Co. International plc, BOCI Asia Ltd., Haitong International Securities Co. Ltd., CLSA Ltd., United Overseas Bank Ltd. and Orient Securities (Hong Kong) Ltd.