West China Cement to offer $400m in senior notes due 2028

West China Cement Limited has announced its intention to issue $400 million in 9.90% senior notes due 2028. The company and its subsidiary guarantors entered into a purchase agreement on November 25, 2025, with China International Capital Corporation, HSBC, and J.P. Morgan, who will act as joint global coordinators and initial purchasers. Interest on the notes will begin on December 4, 2025, payable semi-annually from June 4, 2026.

The notes will be offered at 99.115% of the principal amount. West China Cement expects gross proceeds of approximately $396.46 million, which it plans to use for repurchasing, redeeming, or repaying existing indebtedness, including 2026 notes, and for working capital.

The notes have received provisional “B” ratings from both Standard & Poor's Rating Services and Fitch Ratings Ltd. West China Cement will seek a listing for these notes on the Stock Exchange of Hong Kong.