By Reshmi Basu
New York, Nov. 2 - Hopson Development Holdings Ltd. sold $300 million seven-year senior unsecured notes (Ba2/BB+) at par to yield 8 1/8%, according to a market source.
The issue priced in line with price guidance that was in the area of 8 1/8%.
Credit Suisse First Boston was the bookrunner for the Rule 144A/Regulation S transaction. Morgan Stanley was the co-manager.
The notes come with four years of call protection and will be callable on Nov. 9, 2009 at 104 1/16.
Hopson Development is a Guangzhou, China-based specialized property group that focuses on investments in cities such as Beijing, Tianjin and Shanghai.
| Issuer: | Hopson Development Holdings Ltd.
|
| Amount: | $300 million
|
| Issue: | Senior unsecured notes
|
| Maturity: | Nov. 9, 2012
|
| Coupon: | 8 1/8%
|
| Issue price: | Par
|
| Yield: | 8 1/8%
|
| Spread: | 359 basis points more than Treasuries
|
| Call option: | Callable on Nov. 9, 2009 at 104 1/16
|
| Pricing date: | Nov. 2
|
| Settlement date: | Nov. 9
|
| Bookrunner: | Credit Suisse First Boston
|
| Co-manager: | Morgan Stanley
|
| Ratings: | Moody's: Ba1
|
| Standard & Poor's: BB+
|
| Price guidance: | 8 1/8% area
|
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