Hopson seven-year notes talked at 8 1/8% as roadshow wraps up

By Paul Deckelman

New York, Oct. 31 - Hopson Development Holdings Ltd.'s upcoming $300 million issue of seven year senior unsecured notes is likely to price to yield 8 1/8%, junk bond market sources said Monday. The talk was widened marginally from the 8% area at which the notes were originally talked.

The slightly wider talk emerged as the roadshow for the deal was winding down, making final stops in New York on Monday and Boston on Tuesday, with pricing anticipated shortly thereafter via bookrunning manager Credit Suisse First Boston and co-manager Morgan Stanley.

That roadshow started last Wednesday in Hong Kong, before moving on to Singapore on Thursday and London on Friday.

The Rule 144A/Regulation S offering will be non-callable for the first four years after issue.

Moody's Investors Service has rated the deal Ba1, and Standard & Poor's has assigned it a BB+ rating.

Hopson Development Holdings, a Guangzhou, China-based specialized property group focused on residential property investments in cities such as Beijing, Tanjin and Shanghai, plans to use the proceeds from the bond sale to fund ongoing property developments and land acquisitions and for general corporate purposes.

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