By Christine Van Dusen
Atlanta, Jan. 10 - China SCE Property Holdings Ltd. priced RMB 2 billion notes due Jan. 14, 2016 (/B/) at par to yield 10½%, according to a company announcement.
Deutsche Bank and HSBC were the bookrunners for the Rule 144A and Regulation S deal, which includes a change-of-control put at 101% with a ratings decline.
The notes also include a make-whole call until Jan. 14, 2014 and then are callable at 105.25 in year three and at 102.625 in year four. There is an equity clawback until Jan. 14, 2014.
Proceeds will be used for general corporate purposes and to finance new and existing projects.
China SCE Property is a Xiamen, China-based developer of residential real estate projects.
| Issuer: | China SCE Property Holdings Ltd.
|
| Amount: | RMB 2 billion
|
| Maturity: | Jan. 14, 2016
|
| Description: | Notes
|
| Bookrunners: | Deutsche Bank, HSBC
|
| Coupon: | 10½%
|
| Price: | Par
|
| Yield: | 10½%
|
| Call features: | Make-whole call until Jan. 14, 2014, then callable at 105.25, 102.625
|
| Equity clawback: | For 35% at 110.5 until Jan. 14, 2014
|
| Change-of-control put: | 101% with ratings decline
|
| Trade date: | Jan. 10
|
| Settlement date: | Jan. 14
|
| Rating: | Standard & Poor's: B
|
| Distribution: | Rule 144A and Regulation S
|
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