By Rebecca Melvin
New York, Jan. 21 – Sunkwan Properties Group Ltd. priced an additional $21 million of 13½% notes due Jan. 2, 2023 (ISIN: XS2417707374), which will be consolidated and form a single series with $139.2 million of the notes issued as part of the company’s Dec. 14 exchange offer, according to offering materials published Friday.
The original issue was issued in exchange for $139.2 million of the company’s $185 million outstanding 12¾% senior notes due 2022 (ISIN: XS2157244174).
Haitong International Securities Co. Ltd. was dealer manager of the exchange offer and manager of the additional issuance, which consists of $6 million of notes priced on Jan. 20 and a $15 million of notes priced on Jan. 21. The additional notes have the same terms as the original notes except for their price and issue date.
There is a make-whole call and up to 35% of the new notes may be redeemed at 113.5% of the principal amount of notes plus accrued interest with proceeds from sales of certain kinds of capital stock of the company. They are also putable upon a change of control triggering event.
The new notes will be used to repay offshore debt, and are expected to be listed on the Hong Kong Stock Exchange.
The property developer focuses on the Yangtze River Delta Economic Region in China.
| Issuer: | Sunkwan Properties Group Ltd.
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| Issue: | Senior notes add-on
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| Amount: | $21 million
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| Maturity: | Jan. 2, 2023
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| Manager: | Haitong International Securities Co. Ltd.
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| Coupon: | 13½%
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| Calls: | At the company’s option for par plus make-whole
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| Equity claw back: | For up to 35% of notes at 113.5
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| Pricing date: | Jan. 20 and Jan. 21
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| Original issue: | $85 million issued to settle exchange
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| Distribution: | Regulation S
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| ISIN: | XS2417707374
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