By William Gullotti
Buffalo, N.Y., Aug. 12 – Gemdale Ever Prosperity Investment Ltd. priced $480 million of 4.95% guaranteed notes (Ba3) due 2024, according to a listing notice on Thursday.
The notes will be issued under the company’s $2 billion guaranteed medium-term note program.
Parent company Famous Commercial Ltd. will be the guarantor for notes, and indirect parent Gemdale Corp. will provide a keepwell deed and a deed of equity interest purchase undertaking.
The lead global coordinators for the offering are China International Capital Corp. and BOSC International.
Serving as joint global coordinators, joint lead managers and joint bookrunners are China International Capital Corp., BOSC International, Orient Securities (Hong Kong), Industrial Bank Co., Ltd., Hong Kong Branch, CMBC Capital, China Minsheng Banking Corp., Ltd., Hong Kong Branch, Standard Chartered Bank, Bocom International and CLSA.
UBS is also a joint bookrunner and joint lead manager.
China International Capital Corp. is the green structuring advisor.
The listing for the Regulation S notes is expected Aug. 13 on the Hong Kong Exchange.
Proceeds, according to Moody’s Investors Services, will be used mainly for refinancing.
Gemdale is a Shenzhen, China-based real estate developer.
| Issuer: | Gemdale Ever Prosperity Investment Ltd.
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| Guarantor: | Famous Commercial Ltd.
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| Issue: | Guaranteed notes
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| Amount: | $480 million
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| Maturity: | 2024
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| Bookrunners: | China International Capital Corp., BOSC International, Orient Securities (Hong Kong), Industrial Bank Co., Ltd., Hong Kong Branch, CMBC Capital, China Minsheng Banking Corp., Ltd., Hong Kong Branch, Standard Chartered Bank, Bocom International, CLSA, UBS
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| Green adviser: | China International Capital Corp.
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| Coupon: | 4.95%
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| Pricing date: | Aug. 5
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| Listing date: | Aug. 13
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| Rating: | Moody’s: Ba3
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| Distribution: | Regulation S
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