By William Gullotti
Buffalo, N.Y., Sept. 14 – Shimao Group Holdings Ltd. priced $1.05 billion of senior notes in two tranches, according to a term sheet.
The first tranche consists of $300 million 3.975% senior notes due Sept. 16, 2023, sold at par.
Additionally, the company priced a tranche of $748 million 5.2% senior notes due Jan. 16, 2027, priced at 99.777.
The joint global coordinators, joint lead managers and joint bookrunners for the offering are HSBC, J.P. Morgan and Morgan Stanley.
Also serving as joint lead managers and joint bookrunners are Bocom International, China International Capital Corp., Fortune (HK) Securities Ltd., SMBC Nikko, Standard Chartered Bank and UOB.
According to the term sheet, proceeds will be used to refinance existing offshore bonds due within one year with the 2027 notes to be used to finance or refinance eligible green projects in accordance with the group’s green finance framework.
Both Regulation S tranches will be listed on Singapore Exchange. No listing for either tranche has been or will be sought in Hong Kong.
The real estate development company is based in Hong Kong.
| Issuer: | Shimao Group Holdings Ltd.
|
| Issue: | Senior notes
|
| Amount: | $1,048,000,000
|
| Bookrunners: | HSBC, J.P. Morgan, Morgan Stanley, Bocom International, China International Capital Corp., Fortune (HK) Securities Ltd., SMBC Nikko, Standard Chartered Bank and UOB
|
| Trustee: | Citicorp International Ltd.
|
| Pricing date: | Sept. 13
|
| Distribution: | Regulation S
|
|
|
| 2023 notes
|
| Amount: | $300 million
|
| Maturity: | Sept. 16, 2023
|
| Coupon: | 3.975%
|
| Price: | Par
|
| Yield: | 3.975%
|
| Call features: | Make-whole call
|
| Equity clawback: | Up to 35% at 103.975 plus accrued and unpaid interest
|
| Change of control: | At 101
|
|
|
| 2027 notes
|
| Amount: | $748 million
|
| Maturity: | Jan. 16, 2027
|
| Coupon: | 5.2%
|
| Price: | 99.777
|
| Call features: | Make-whole call until Sept. 16, 2024; at 102.6 plus accrued and unpaid interest until Sept. 16, 2025; at 101.3 plus accrued and unpaid interest until maturity
|
| Equity clawback: | Up to 35% at 105.2 plus accrued and unpaid interest
|
| Change of control: | At 101
|
|
|
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