Chaoda Modern Agriculture launches roadshows today January 24 for a $200 million five-year issue. This marks the company's second attempt to access the international debt markets, having failed to complete a similar $200 million five-year in June 2004 via its house bank Credit Suisse First Boston.
Since then there have been a number of changes. Firstly Chaoda has added two new bookrunners - Deutsche Bank and Merrill Lynch, which has been upgraded from joint lead.
Secondly, the deal now has a 144a registration and a full package of standard US high yield covenants. These include limitations on indebtedness, restrictions on dividend payments and restrictions on asset sales...
