New Issue: Greentown China sells $400 million seven-year notes at 9%

By Reshmi Basu

New York, Nov. 3 - Greentown China Holdings Ltd. sold $400 million seven-year senior unsecured notes (Ba2/BB) at par to yield 9%, according to a market source.

The deal came at the low end of price guidance that was for a yield in the 9 1/8% area.

The notes will be non-callable for four years. Meanwhile proceeds will be used to fund land acquisitions, for development costs and for general corporate purposes.

JP Morgan and UBS were joint managers for the Rule 144A and Regulation S deal. The issuer is a mainland China property developer.

Issuer:	Greentown China Holdings Ltd.
Amount:	$400 million
Issue:	Senior unsecured notes
Maturity:	Nov. 8, 2013
Coupon:	9%
Issue price:	Par
Yield:	9%
Spread:	Treasuries plus 432 basis points
Call option:	Callable on November 2010 at 104.50, November 2011 at 102.25, November 2012 at 100; and make-whole option prior to Nov. 8, 2010
Equity clawback provision:	For 35% of issue in first three years
Lead managers:	JP Morgan, UBS
Pricing date:	Nov. 3
Settlement date:	Nov. 10
Ratings:	Moody's: Ba2
	Standard & Poor's: BB

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