By William Gullotti
Buffalo, N.Y., Oct. 8 – Guangdong-Hong Kong Greater Bay Area Holdings Ltd. issued $277.22 million 13.85% senior notes due Oct. 12, 2023 at par, according to a listing notice on Friday.
Of the issuance, $235.72 million of the notes issued are connected to the exchange offer for the company’s 14% senior notes due 2021 (ISIN: XS2084960009), and $41.5 million are a new money issuance.
The Regulation S notes are callable at 102.6 plus interest at any time prior to maturity.
Haitong International, Guotai Junan International and Potomac Capital Ltd. are the joint global coordinators, joint lead managers and joint bookrunners for the offering.
Zhongtai International is also serving as a lead manager and bookrunner.
Proceeds will be used for refinancing the aforementioned notes and other existing medium- to long-term offshore debts which will become due within one year.
The new notes will be listed on the Singapore Exchange and no listing will be sought for the Hong Kong Exchange.
The state-owned investment holding company is based in Guangdong, China.
| Issuer: | Guangdong-Hong Kong Greater Bay Area Holdings Ltd.
|
| Issue: | Senior notes
|
| Amount: | $277.22 million
|
| Maturity: | Oct. 12, 2023
|
| Bookrunners: | Haitong International, Guotai Junan International, Potomac Capital Ltd., Zhongtai International
|
| Trustee: | Citicorp International Ltd.
|
| Coupon: | 13.85%
|
| Price: | Par
|
| Yield: | 13.85%
|
| Call: | At 102.6 plus accrued and unpaid interest
|
| Equity clawback: | Up to 35% at 113.85 plus accrued and unpaid interest
|
| Issue date: | Oct. 8
|
| Distribution: | Regulation S
|
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