Bank of America launches up to $1.5 bln CCB stake sale-term sheet

HONG KONG, Sept 3 Tue Sep 3, 2013 4:42am EDT

HONG KONG, Sept 3 (Reuters) - Bank of America Corp launched on Tuesday an up to $1.5 billion sell-down in China Construction Bank Corp (CCB) shares, offloading its remaining stake in China's second-biggest lender, according to a term sheet of the deal seen by Reuters.

The U.S. bank offered 2 billion Hong Kong-traded shares of CCB in a range of HK$5.63 to HK$5.81 each, equivalent to a discount of up to 5.1 percent to Tuesday's close of HK$5.93, the terms said.

CCB shares are down 4.7 percent since the beginning of the year in Hong Kong.

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