Bohai Private Credit Deal Offers Blueprint for Chinese Borrowers
- RRJ, Morgan Stanley split financing needs of Bohai Leasing
- Morgan Stanley arranged $1.1 billion three-year bond offering
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Bohai Leasing Co. needed to find $2 billion fast, after a bond sale stalled and banks balked at demands for a loan.
A plan to sell junk notes in late 2023 with an 11% coupon didn’t go ahead due to market volatility. This summer, some banks turned down loan requests from the aircraft- and container-leasing firm. Meanwhile, talks with private equity firms had hit a snare.