New Issue: Hong Kong’s Shimao sells $300 million 4.6% notes due 2030 at par

By Sarah Lizee

Olympia, Wash., July 6 – Shimao Group Holdings Ltd. priced $300 million of 4.6% senior notes due July 13, 2030 (//BBB-) at par on Monday, according to a notice.

Morgan Stanley & Co. International plc and UBS AG Hong Kong Branch are the joint global coordinators, joint bookrunners and joint lead managers.

Proceeds will be used to refinance existing debt.

The real estate development company is based in Hong Kong.

Issuer:	Shimao Group Holdings Ltd.
Issue:	Senior notes
Amount:	$300 million
Maturity:	July 13, 2030
Bookrunners:	Morgan Stanley & Co. International plc and UBS AG Hong Kong Branch
Coupon:	4.6%
Price:	Par
Yield:	4.6%
Call:	In whole at par plus applicable premium and accrued interest at any time prior to July 13, 2025; after that, in whole or in part at 102.3 in 2025, 101.15 in 2026, 100.575 in 2027 and par onwards plus accrued interest
Equity clawback:	Up to 35% at 104.6
Pricing date:	July 6
Rating:	Fitch: BBB-
Distribution:	Regulation S

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