By Cady Vishniac
Detroit, Dec. 8 – Logan Group Co. Ltd. has priced $300 million of 4.85% notes due Dec. 14, 2026 at par, according to an offering announcement.
The notes are guaranteed by certain of the Logan Group’s subsidiaries from outside China.
The notes feature a make-whole call until Dec. 14, 2024 and then can be redeemed at 101 starting Dec. 14, 2024 and then at 101 a year later.
Joint global coordinators, joint bookrunners and joint lead managers on the Regulation S deal are Deutsche Bank, Guotai Junan International, Haitong International, China Citic Bank International, Credit Suisse, BOC International, Barclays, BNP Paribas and CMBC Capital.
The company plans to use the proceeds to refinance its existing debt.
Logan Group plans to apply for a listing for the notes on the Stock Exchange of Hong Kong Ltd.
Logan Group is a real estate development company that operates in China with headquarters in Shenzhen. The company was formerly known as Logan Property Holdings Co. Ltd.
| Issuer: | Logan Group Co. Ltd.
|
| Issue: | Senior notes
|
| Amount: | $300 million
|
| Maturity: | Dec. 14, 2026
|
| Bookrunners: | Deutsche Bank, Guotai Junan International, Haitong International, China Citic Bank International, Credit Suisse, BOC International, Barclays, BNP Paribas and CMBC Capital
|
| Coupon: | 4.85%
|
| Price: | Par
|
| Yield: | 4.85%
|
| Call option: | Make-whole until Dec. 14, 2024; at 102 beginning Dec. 14, 2024; at 101 beginning Dec. 14, 2025
|
| Equity clawback: | Up to 35% at 104.85 prior to Dec. 14, 2024
|
| Pricing date: | Dec. 7
|
| Settlement date: | Dec. 14
|
| Distribution: | Regulation S
|
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