By Rebecca Melvin
Concord, N.H., July 14 – Sunac China Holdings Ltd. priced $500 million of notes including an issue of new notes and a tap of existing notes, according to a company release.
The $400 million of new 6.8% senior notes due 2024 priced at 99.385. The notes have a make-whole call until Oct. 23, 2023, and they are then redeemable at 102 plus accrued interest. There is also a change-of-control put at 101.
The $100 million tap of 6.5% senior notes due 2026 priced at 96.966. They will be consolidated and form a single series with a previously issued $500 million of the 2026 notes.
The proceeds are intended to be used for refinancing the group’s mid-term and long-term offshore debt and will become due and payable within a year.
Application will be made to list the notes on the SGX-ST.
The joint global coordinators and joint bookrunners and initial purchasers of the notes are HSBC Ltd., Morgan Stanley & Co. International plc, Barclays, China Citic Bank International, China Securities International, Citigroup, Guotai Junan Securities (Hong Kong) Ltd. and Huatai Financial Holdings (Hong Kong) Ltd.
Sunac is a Tianjin, China-based residential and commercial property developer.
| Issuer: | Sunac China Holdings Ltd.
|
| Issue: | Senior notes
|
| Bookrunners: | HSBC Ltd., Morgan Stanley & Co. International plc, Barclays, China Citic Bank International, China Securities International, Citigroup, Guotai Junan Securities (Hong Kong) Ltd. and Huatai Financial Holdings (Hong Kong) Ltd.
|
| Pricing date: | July 13
|
| Distribution: | Regulation S
|
|
|
| 2024 notes
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| Amount: | $400 million
|
| Maturity: | October 2024
|
| Coupon: | 6.8%
|
| Price: | 99.385
|
| Call option: | Make-whole call until Oct. 23, 2023; then at 102 plus interest
|
| Equity clawback: | Up to 35% at 106.8
|
| Change-of-control put: | At 101 plus interest
|
|
|
| Add-on to 2026 notes
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| Amount: | $100 million, add-on
|
| Maturity: | January 2026
|
| Coupon: | 6.5%
|
| Price: | 96.966
|
| Total issue size: | $600 million
|
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