New Issue: Greentown China prices $500 million perpetual notes at par

By Christine Van Dusen

Atlanta, Jan. 21 - Greentown China Holdings Ltd. issued $500 million perpetual notes (B2/B+/) at par, according to a company filing.

The notes carry a 9% coupon, which then resents after the first call date to Treasuries plus 1,237.3 basis points and resets again every five years.

Deutsche Bank, Goldman Sachs (Asia), UBS, Macquarie, HSBC, Standard Chartered Bank and BNP Paribas were the bookrunners for the Regulation S deal.

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

Issuer:	Greentown China Holdings Ltd.
Amount:	$500 million
Maturity:	Perpetual
Description:	Notes
Bookrunners:	Deutsche Bank, Goldman Sachs (Asia), UBS, Macquarie, HSBC, Standard Chartered Bank, BNP Paribas
Coupon:	9%, then resets after the first call date to Treasuries plus 1,237.3 bps and resets again every five years
Price:	Par
Call features:	Make-whole call
Trade date:	Jan. 20
Settlement date:	Jan. 28
Ratings:	Moody's: B2
	Standard & Poor's: B+
Distribution:	Regulation S

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