Published on 2/20/2019 in the Prospect News Emerging Markets Daily.
New Issue: Guangzhou R&F prices $825 million senior notes in tranches due 2023, 2024
By Wendy Van Sickle
Columbus, Ohio, Feb. 20 – Guangzhou R&F Properties Co. Ltd. priced $450 million of 8 1/8% four-year senior notes and $375 million of 8 5/8% five year senior notes at par on Wednesday, according to an announcement.
The notes will be issued through the company’s Easy Tactic Ltd. subsidiary.
Goldman Sachs (Asia) LLC, CLSA, HeungKong Financial and Deutsche Bank were the bookrunners for the Regulation S sale.
Proceeds will be used to refinance offshore debt.
Guangzhou R&F is engaged in the development and sale of properties, property investment, hotel operations and other property development-related services in China. It is based in Guangzhou, China.
| Issuer: | Easy Tactic Ltd.
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| Guarantor: | Guangzhou R&F Properties Co., Ltd.
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| Issue: | Senior notes
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| Amount: | $825 million
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| Pricing date: | Feb. 20
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| Rating: | Fitch: BB-
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| Distribution: | Regulation S
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| Bookrunners: | Goldman Sachs (Asia) LLC, CLSA, HeungKong Financial and Deutsche Bank
|
|
|
| 2023 notes
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| Amount: | $450 million
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| Maturity: | 2023
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| Coupon: | 8 1/8%
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| Price: | Par
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| Yield: | 8 1/8%
|
| Call: | Make-whole call prior to Feb. 27, 2021, then at 104.0625% until Feb. 27, 2022 and at 102.03125% thereafter
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| 2024 notes
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| Amount: | $375 million
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| Maturity: | 2024
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| Coupon: | 8 5/8%
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| Price: | Par
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| Yield: | 8 5/8%
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| Call: | Make-whole call prior to Feb. 27, 2022, then at 104.3125% until Feb. 27, 2023 and at 102.015625% thereafter
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