West China Cement issues $400m senior notes due 2028

West China Cement Limited is offering $400,000,000 of 9.90% Senior Notes due 2028 at an issue price of 99.115%. These notes, with an interest payment schedule of June 4 and December 4 annually starting in 2026, will mature on December 4, 2028. The company intends to use the proceeds, along with cash on hand, to repurchase, redeem, or repay existing indebtedness (including 2026 Notes) and for working capital purposes.

The Notes are senior unsecured obligations of the company and are guaranteed by its Subsidiary Guarantors, which include WC Cement Limited, Faithful Alliance Limited, Yaobai International Holding Limited, Great Lakes Cement SAS, Hong Xing Glass Congo SARL, WIH Rwanda Cement Co., Ltd., and Anjia Construction SARLU. These guarantees are senior in right of payment to future subordinated obligations.

The company has applied for the listing of these debt issues to professional investors on The Stock Exchange of Hong Kong Limited. The Notes are expected to be rated "B" by S&P and "B" by Fitch.