By Paul A. Harris
St. Louis, Sept. 2 - Country Garden Holdings Ltd. has priced a $300 million issue of five-year senior notes (Ba3/BB) at par to yield 11¾%, according to a market source.
The yield was printed at the tight end of the 11¾% to 12% price talk.
JPMorgan was the bookrunner for the Rule 144A and Regulation S offering.
The Hong Kong-based property developer will use the proceeds to repay debt, to fund property projects and for general corporate purposes.
Issuer: | Country Garden Holdings
|
Amount: | $300 million
|
Maturity: | Sept. 10, 2014
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Security description: | Senior notes
|
Bookrunner: | JPMorgan
|
Coupon: | 11¾%
|
Price: | Par
|
Yield: | 11¾%
|
Spread: | 942.2 bps
|
Call protection: | Non-callable
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Settlement date: | Sept. 10
|
Ratings: | Moody's: Ba3
|
| Standard & Poor's: BB
|
Distribution: | Rule 144A/Regulation S
|
Price talk: | 11¾% to 12%
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