By Paul A. Harris
St. Louis, Sept. 15 - Agile Property Holdings Ltd. priced an upsized $400 million issue of seven-year senior notes (Ba3/BB) at par on Friday to yield 9%, according to a market source.
The yield came at the tight end of the 9% to 9 1/8% price talk, which had been inwardly revised from the 9¼% area.
Morgan Stanley and HSBC were joint bookrunners for the Rule 144A and Regulation S notes, which will come with four years of call protection.
Proceeds will be used to fund the acquisition and development of land and for general corporate purposes.
The issue was upsized from $350 million.
The issuer is a Hong Kong-based developer and manager of property in the People's Republic of China and the British Virgin Islands.
| Issuer: | Agile Property Holdings Ltd.
|
| Amount: | $400 million (increased from $350 million)
|
| Maturity: | Sept. 22, 2013
|
| Security description: | Senior notes
|
| Bookrunners: | Morgan Stanley, HSBC
|
| Coupon: | 9%
|
| Price: | Par
|
| Yield: | 9%
|
| Spread: | 425.7 bps
|
| Call protection: | Callable after Sept. 22, 2010 at 104.50, 102.25, par on and after Sept. 22, 2010
|
| Equity clawback: | Until Sept. 22, 2009 for 35% at 109.0
|
| Trade date: | Sept. 15
|
| Settlement date: | Sept. 22
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: BB
|
| Distribution: | Rule 144A/Regulation S
|
| Price talk: | 9% to 9 1/8% (revised from 9¼% area)
|
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