By Wendy Van Sickle
Columbus, Ohio, Nov. 29 – Sunac China Holdings Ltd. priced a $350 million add-on to its 8 5/8% senior notes (B3/B/BB-) due July 27, 2020 at 99.231 on Thursday, according to a notice.
The company priced the original $400 million of the notes on July 14 at par.
HSBC, Morgan Stanley, China Citic Bank International, China Industrial Securities International, CMB International, Guotai Junan International, ICBC International and Nomura are joint global coordinators and joint bookrunners for the Regulation S add-on offering.
Proceeds will be used to refinance the group’s existing debt.
Sunac is a Tianjin, China-based residential and commercial property developer.
| Issuer: | Sunac China Holdings Ltd.
|
| Issue: | Senior notes
|
| Amount: | $350 million
|
| Maturity: | July 27, 2020
|
| Bookrunners: | HSBC, Morgan Stanley, China Citic Bank International, China Industrial Securities International, CMB International, Guotai Junan International, ICBC International and Nomura
|
| Coupon: | 8 5/8%
|
| Price: | 99.231
|
| Call option: | At any time at make-whole amount
|
| Equity clawback: | Up to 35% at 108.625
|
| Change-of-control put: | At 101
|
| Pricing date: | Nov. 29
|
| Settlement date: | Dec. 4
|
| Ratings: | Moody’s: B3
|
| S&P: B
|
| Fitch: BB-
|
| Distribution: | Regulation S
|
| Original issue: | $400 million priced on July 24 at par and settled on July 27
|
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