Commentary & Deal Flow

+++Updates with expected tenor and roadshow timing+++

SJM Intl Limited (a wholly-owned sub of and gtd by SJM Holdings Limited) (SJMHOL) announced it intends to offer US$ benchmark size Reg S  only notes (5y or 7yr tenor). B1/NR/BB- (negative/--/negative). Via DB/BNP/China Intl Capital/China CITIC jt glocos and jt books/Banco Comercial Portugues/Banco Nacional Ultramarino/BoC/Bank of Communications/CBRE/China Construction Bank/CLSA/ ICBC/Tai Fung Bank jt lead managers. List Hong Kong Stock Exchange. Roadshow 01/05-07. Pricing expected 01/08. UOP: repay debt (fund the tender offer for Champion Path Holdings Limited US$500m 4.50% sr  notes due 01/27/26, $1,000 tender price, DB dealer manager), and GCP. Equity owner: Sociedade de Turismo e Diversoes de Macau (54.8%) and public float on the HKSE. Biz: casino and hotel operator in Macau. HQ: Macau.