Chicago, Jan. 9 – Central China Real Estate Ltd. priced a $200 million offering of 7¼% senior notes (B1//BB-) due July 16, 2024, according to a notice.
BofA Securities Inc., BNP Paribas, DBS Bank Ltd., Deutsche Bank AG, Singapore Branch, Haitong International Securities Co. Ltd. and Morgan Stanley & Co. International plc are the joint bookrunners and joint lead managers for the Regulation S offering.
There is a make-whole call until Jan. 16, 2022. After that date the notes can be redeemed at 103.625, and then after Jan. 16, 2023 at 101.8125 and after Jan. 16, 2024 at par.
Proceeds will be used for long-term debt refinancing.
The investment holding company is based in Zhengzhou City, China, and primarily engages in property development in China’s Henan Province.
Issuer: | Central China Real Estate Ltd.
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Amount: | $200 million
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Maturity: | July 16, 2024
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Description: | Senior notes
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Coupon: | 7¼%
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Price: | 99.06
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Call feature: | Make-whole call until Jan. 16, 2022; after Jan. 16, 2022 at 103.625, after Jan. 16, 2023 at 101.8125 and after Jan. 16, 2024 at par
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Equity clawback: | Up to 35% at 107.25 prior to Jan. 16, 2022
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Pricing date: | Jan. 9
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Ratings: | Moody’s: B1
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| Fitch: BB-
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Distribution: | Regulation S
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