New Issue: Greentown China prices $400 million 8½% five-year notes at par

By Christine Van Dusen

Atlanta, Jan. 28 - Greentown China Holdings Ltd. printed a $400 million issue of five-year senior notes (expected ratings: Caa1/B-/) at par to yield 8½%, a market source said.

Deutsche Bank, Bank of China, Goldman Sachs, HSBC, ICBC (Asia), Standard Chartered Bank and UBS were the bookrunners for the Regulation S offering.

The notes are non-callable for three years and include a change-of-control put at 101%.

The proceeds will be used to refinance debt and for general corporate purposes.

Greentown China is a Hangzhou, China-based property developer.

Issuer:	Greentown China Holdings Ltd.
Amount:	$400 million
Maturity:	Feb. 4, 2018
Description:	Senior notes
Bookrunners:	Deutsche Bank, Bank of China, Goldman Sachs, HSBC, ICBC (Asia), Standard Chartered Bank, UBS
Coupon:	8½%
Price:	Par
Yield:	8½%
Call features:	Non-callable for three years
Change-of-control put:	At 101%
Trade date:	Jan. 28
Settlement date:	Feb. 4
Expected ratings:	Moody's: Caa1
	Standard & Poor's: B-
Distribution:	Regulation S
Price talk:	8½% area

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