By Angela McDaniels
Tacoma, Wash., May 29 - Kaisa Group Holdings Ltd. priced $400 million of 9% five-year senior notes (Ba3/BB-/) at 99.017, according to a company news release.
According to a market source, talk was 9¼%, and the offering was expected to be benchmark-sized.
Citigroup Global Markets Ltd., Credit Suisse Securities (Europe) Ltd., Goldman Sachs (Asia) LLC, Hongkong Shanghai Banking Corp. Ltd. and J.P. Morgan Securities plc are the bookrunners for the Regulation S deal.
The notes are callable at par plus an applicable premium in years one through three, at 104.5 in year four and at 102.25 in year five. The company has an equity clawback option for up to 35% of the notes at 109 during the first three years.
The proceeds will be used to refinance debt, to finance existing and new property projects and for general corporate purposes.
Kaisa Group is a Shenzhen, China-based property development company.
| Issuer: | Kaisa Group Holdings Ltd.
|
| Issue: | Senior notes
|
| Amount: | $400 million
|
| Maturity: | June 6, 2019
|
| Bookrunners: | Citigroup Global Markets Ltd., Credit Suisse Securities (Europe) Ltd., Goldman Sachs (Asia) LLC, Hongkong Shanghai Banking Corp. Ltd. and J.P. Morgan Securities plc
|
| Coupon: | 9%
|
| Price: | 99.017
|
| Call option: | At par plus applicable premium in years one through three, at 104.5 in year four and at 102.25 in year five
|
| Equity clawback: | For up to 35% of notes at 109 during first three years
|
| Pricing date: | May 29
|
| Settlement date: | June 6
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: BB-
|
| Distribution: | Regulation S
|
| Price talk: | 9¼%
|
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