New Issue: Sunac China prices $650 million 7˝% senior notes due 2024 at 99.058

By Wendy Van Sickle

Columbus, Ohio, Oct. 29 – Sunac China Holdings Ltd. priced $650 million of 7˝% senior notes (B1/B+/BB) due 2024 at 99.058 on Tuesday, according to a notice.

Morgan Stanley, China Citic Bank International, China Industrial Securities International, Credit Suisse, Deutsche Bank, Guotai Junan International and Nomura are joint global coordinators and joint bookrunners for the Regulation S 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:	$650 million
Maturity:	Feb. 1 2024
Bookrunners:	Morgan Stanley, China Citic Bank International, China Industrial Securities International, Credit Suisse, Deutsche Bank, Guotai Junan International and Nomura
Coupon:	7˝%
Price:	99.058
Call option:	Make-whole call until Feb. 1, 2022, then callable at 103 starting, and then at 101 starting on Feb. 1, 2023
Equity clawback:	Up to 35% at 107.5 until Feb. 1, 2022
Put option:	At 101 upon change of control
Pricing date:	Oct. 29
Settlement date:	Nov. 1
Ratings:	Moody’s: B1
	S&P: B+
	Fitch: BB
Distribution:	Regulation S

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