By Christine Van Dusen
Atlanta, Oct. 24 - China's Evergrande Real Estate Group Ltd. priced a $1 billion issue of 8¾% notes due 2018 (expected ratings: B2/BB-/) at par to yield 8¾%, a market source said.
Goldman Sachs, JPMorgan, Deutsche Bank and China Merchants Securities were the bookrunners for the Rule 144A and Regulation S deal.
The proceeds will be used to refinance existing indebtedness.
The issuer is based in Guangzhou, Guandong.
Issuer: | Evergrande Real Estate Group Ltd.
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Amount: | $1 billion
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Maturity: | 2018
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Description: | Senior notes
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Bookrunners: | Goldman Sachs, JPMorgan, Deutsche Bank, China Merchants Securities
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Coupon: | 8¾%
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Price: | Par
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Yield: | 8¾%
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Trade date: | Oct. 24
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Expected ratings: | Moody's: B2
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| Standard & Poor's: BB-
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Distribution: | Rule 144A and Regulation S
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