Commentary & Deal Flow

SJM Intl Limited (a wholly-owned sub of and gtd by SJM Holdings Limited (SJMHOL)) (SJMINT) US$ benchmark size Reg S Cat2 only sr notes due 20231 (5y). NC2. B1/NR/BB- (negative/--/negative). Via DB (B&D)/BNP/China Intl Capital/China CITIC/UBS 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. NY law. List Hong Kong Stock Exchange. CoC at 101. Put at 100 upon loss of gaming license. Denoms: 200kx1k. Settles 01/15. 

IPT: 6.875% area.

Roadshow 01/05-07. Pricing 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.