By Angela McDaniels
Tacoma, Wash., Sept. 24 – Geely Automobile Holdings Ltd. priced $300 million of 5¼% senior notes due 2019 at par on Wednesday, according to a company announcement.
Citigroup Global Markets Inc., Deutsche Bank AG, Singapore Branch and J.P. Morgan Securities plc are the joint global coordinators, joint bookrunners and joint lead managers for the Rule 144A and Regulation S deal.
The notes are guaranteed by some of the company’s subsidiaries organized outside China.
For the first three years, the notes are callable at par plus a make-whole amount, and the company can redeem up to 35% of the notes at 105.25 under an equity clawback. The notes are then callable at 102.625 in year four and at 101.313 in year five.
The company must offer to buy back the notes at 101 upon a change of control.
The company announced plans for the offering on Sept. 16.
Proceeds will be used to refinance debt, to expand the company’s business and for other general corporate purposes.
Geely is a Zhejiang, China, automaker.
| Issuer: | Geely Automobile Holdings Ltd.
|
| Issue: | Senior notes
|
| Amount: | $300 million
|
| Maturity: | Oct. 6, 2019
|
| Bookrunners: | Citigroup Global Markets Inc., Deutsche Bank AG, Singapore Branch, J.P. Morgan Securities plc
|
| Coupon: | 5¼%
|
| Price: | Par
|
| Yield: | 5¼%
|
| Call option: | At par plus make-whole amount prior to Oct. 6, 2017, at 102.625 for one year beginning Oct. 6, 2017 and at 101.313 from Oct. 6, 2018 until maturity
|
| Equity clawback: | Up to 35% of notes at 105.25 prior to Oct. 6, 2017
|
| Change-of-control put: | At 101%
|
| Pricing date: | Sept. 24
|
| Settlement date: | Oct. 6
|
| Distribution: | Rule 144A and Regulation S
|
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