By Christine Van Dusen
Atlanta, Feb. 10 – China’s Evergrande Real Estate Group Ltd. sold $1 billion 12% notes due Feb. 17, 2020 (expected ratings: B2/B+) at par to yield 12%, a market source said.
Pricing matched talk, set at 12%.
JPMorgan, Credit Suisse, Deutsche Bank and China Merchants Securities were the bookrunners for the Regulation S deal.
The proceeds will be used to refinance existing indebtedness.
The real estate developer is based in Guangzhou.
| Issuer: | Evergrande Real Estate Group Ltd.
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| Amount: | $1 billion
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| Maturity: | Feb. 17, 2020
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| Description: | Senior notes
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| Bookrunners: | JPMorgan, Credit Suisse, Deutsche Bank, China Merchants Securities
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| Coupon: | 12%
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| Price: | Par
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| Yield: | 12%
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| Call option: | Non-callable for three years
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| Trade date: | Feb. 10
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| Settlement date: | Feb. 17
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| Expected ratings: | Moody’s: B2
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| Standard & Poor’s: B+
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| Distribution: | Regulation S
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| Price talk: | 12%
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