By Angela McDaniels
Tacoma, Wash., Aug. 7 – Kaisa Group Holdings Ltd. priced an additional $50 million of 7¼% senior notes due 2020, $120 million of 8½% senior notes due 2022 and $115 million of 9 3/8% senior notes due 2024, according to a company announcement.
As previously reported, the company issued $285 million of the 7¼% notes, $820 million of the 8½% notes, $2.12 billion of the 9 3/8% notes and $225 million of 7 7/8% senior notes due 2021 on June 30.
The original notes were issued under an exchange offer and a concurrent but separate new money issuance.
The additional notes are being issued to an institutional investor under a subscription agreement reached Friday.
The issue price for the additional 7¼% notes and 8½% notes is par, and the issue price for the additional 9 3/8% notes is 101% of par.
The proceeds of the additional notes will be used to refinance debt, to finance existing and new property projects and for general corporate purposes. The proceeds of the original new money issuance were slated to be used to redeem notes and for general corporate purposes.
Kaisa Group, a Shenzhen, China-based property development company, filed bankruptcy on May 5, 2016 in the U.S. Bankruptcy Court for the Southern District of New York to gain U.S. court recognition of its Hong Kong scheme proceedings. The Chapter 15 case number is 16-11303.
| Issuer: | Kaisa Group Holdings Ltd.
|
| Issue: | Senior notes
|
| Amount: | $285 million
|
| Pricing date: | Aug. 4
|
| Distribution: | Private placement
|
|
|
| 7¼% notes
|
| Amount: | $50 million add-on
|
| Maturity: | June 30, 2020
|
| Coupon: | 7¼%
|
| Price: | Par
|
| Yield: | 7¼%
|
| Call option: | In whole at any time at par plus applicable premium; at 107.25 under 35% equity clawback provision
|
| Total amount: | $335 million
|
|
|
| 8½% notes
|
| Amount: | $120 million add-on
|
| Maturity: | June 30, 2022
|
| Coupon: | 8½%
|
| Price: | Par
|
| Yield: | 8½%
|
| Call option: | In whole at par plus applicable premium for first three years; in whole at any time on or after June 30, 2020 at 104.25, stepping down to 102.125 on June 30, 2021; at 108.5 under 35% equity clawback provision during first three years
|
| Total amount: | $940 million
|
|
|
| 9 3/8% notes
|
| Amount: | $115 million add-on
|
| Maturity: | June 30, 2024
|
| Coupon: | 9 3/8%
|
| Price: | 101
|
| Call option: | In whole at par plus applicable premium for first four years; in whole at any time on or after June 30, 2021 at 104.688, stepping down to 102.344 on June 30, 2022, to 101.172 on June 30, 2023; at 109.375 under 35% equity clawback provision during first four years
|
| Total amount: | $2,235,000,000
|
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