Deals this week: Shanghai Electric Group Company, Hydro One, and CU

17 November 2016 (Last Updated November 17th, 2016 18:30)

Shanghai Electric Group Company has completed a public offering of 3.625% senior unsecured bonds to raise gross proceeds of $500m.

Shanghai Electric Group Company has completed a public offering of 3.625% senior unsecured bonds to raise gross proceeds of $500m.

The offering was made by the company’s special purpose vehicle Shanghai Electric Power Finance.

The bonds are due by 11 August 2020, while the interest will be payable semi-annually on 11 February and 11 August each year, starting from 2017.

In a private placement of shares, Shanghai Electric Group Company has raised gross proceeds of CNY3bn ($439.71m), which will be invested in multiple industrial projects.

The placement included 397,350,993 class A shares priced at CNY7.55 ($1.11) each. This has been subscribed to by Shanghai Electric (Group) Corporation, Shanghai Guosheng Group Investment, Shanghai Life Insurance Company, and Shanghai Lanhai Luoheng Investment.

Hydro One has announced a public offering of medium-term notes to raise gross proceeds of C$500m ($368.76m).

The series 37-1.48% notes will be due 2019, while another series of medium-term notes due 2047 has also been announced concurrently for gross proceeds of C$450m ($331.88m). The proceeds will be used to repay debts and for general corporate purposes.

Hydro One is a power transmission and distribution company based in Canada.

CU has announced a public offering of 3.763% debentures to raise C$375m ($276.86m).

Due 19 November 2046, the debentures are priced at C$100 ($73.83) and have a maturity yield of 3.763%.

The issuing company is a wholly-owned subsidiary of Canadian Utilities. It intends to use the proceeds to finance capital expenditures, repay debts, and for other general corporate purposes of its parent group companies.

VPower Group International Holdings plans for an initial public offering (IPO) of 560,000,000 shares priced between HKD2.78 ($0.33) and HKD3.47 ($0.41) a share and comprising 56 million shares to be issued in Hong Kong and the remaining in the global markets.

The gross proceeds from the offering will range between HKD1.55bn ($184.76m) and HKD1.94bn ($230.62m).

Underwriters will have an option to purchase up to an additional 84 million shares in case of over allotment.