Published on 7/8/2020 in the Prospect News Emerging Markets Daily.
New Issue: China’s Kaisa prices $700 million of notes in two parts
Chicago, July 8 – Kaisa Group Holdings Ltd. priced $700 million of notes (B2//B) in two tranches, according to an offering document.
The company sold a $400 million tranche of 9¾% senior notes due Sept. 28, 2023 at 99.266 and priced $300 million of 11¼% senior notes due April 16, 2025 at 98.994 on Wednesday.
The joint global coordinators, joint bookrunners and joint lead managers are Credit Suisse (Hong Kong) Ltd., Deutsche Bank AG, Singapore Branch, Barclays, BOCI Asia Ltd., China Citic Bank International, Guotai Junan Securities (Hong Kong) Ltd., Haitong International Securities Co. Ltd. and UBS AG Hong Kong Branch.
Fulbright Securities Ltd., Hung Sing Securities Ltd. and Kaisa Financial Group join as joint bookrunners and joint lead managers for the Regulation S issue.
Proceeds will be used to refinance existing medium to long-term offshore debt which will become due within one year.
Kaisa is a Shenzhen, China-based property development company.
| Issuer: | Kaisa Group Holdings Ltd.
|
| Issue: | Senior notes
|
| Amount: | $700 million
|
| Bookrunners: | Credit Suisse (Hong Kong) Ltd., Deutsche Bank AG, Singapore Branch, Barclays, BOCI Asia Ltd., China Citic Bank International, Guotai Junan Securities (Hong Kong) Ltd., Haitong International Securities Co. Ltd., UBS AG Hong Kong Branch, Fulbright Securities Ltd., Hung Sing Securities Ltd. and Kaisa Financial Group
|
| Pricing date: | July 8
|
| Settlement date: | July 16
|
| Ratings: | Moody’s: B2
|
| Fitch: B
|
| Distribution: | Regulation S
|
|
|
| 2023 notes
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| Amount: | $400 million
|
| Maturity: | Sept. 28, 2023
|
| Coupon: | 9¾%
|
| Price: | 99.266
|
| Call option: | Make-whole call until Sept. 28, 2022; thereafter at 103
|
| Equity clawback: | Up to 35% at 109.75
|
|
|
| 2025 notes
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| Amount: | $300 million
|
| Maturity: | April 16, 2025
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| Coupon: | 11¼%
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| Price: | 98.994
|
| Call option: | Make-whole call until April 16, 2023; from April 16, 2023 at 104; from April 16, 2024 at 102
|
| Equity clawback: | Up to 35% at 111.25
|
|
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