New Issue: Sunac China prices $540 million 6˝% senior notes due 2025 at par

By Wendy Van Sickle

Columbus, Ohio, Jan. 7 – Sunac China Holdings Ltd. priced $540 million of 6˝% senior notes (B1/B+/BB) due 2025 at 99.058 on Tuesday, according to a notice.

HSBC, Morgan Stanley, Barclays, China Citic Bank 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:	$540 million
Maturity:	Jan. 10, 2025
Bookrunners:	HSBC, Morgan Stanley, Barclays, China Citic Bank International, Credit Suisse, Deutsche Bank, Guotai Junan International and Nomura
Coupon:	6˝%
Price:	Par
Yield:	6˝%
Call option:	Make-whole call until Jan. 10, 2023, then callable at 103, and then at 101 starting on Jan. 10, 2024
Equity clawback:	Up to 35% at 106.5 until Jan. 10, 2023
Put option:	At 101 upon change of control
Pricing date:	Jan. 7
Settlement date:	Jan. 10
Ratings:	Moody’s: B1
	S&P: B+
	Fitch: BB
Distribution:	Regulation S

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