Published on 6/24/2019 in the Prospect News Emerging Markets Daily.
New Issue: Kaisa Group prices $500 million add-on to 11¼%, 11½% notes due 2022, 2023
By Wendy Van Sickle
Columbus, Ohio, June 24 – Kaisa Group Holdings Ltd. priced $500 million of additional senior notes on Monday to be consolidated with its $350 million 11¼% senior notes due 2022 and with its $400 million 11½% senior notes due 2023, according to a notice.
The company priced $200 million of additional 2022 notes at 102.926 and $300 million of additional 2023 notes at 100.269.
BOC International, China Citic Bank International, Credit Suisse, Deutsche Bank, Haitong International, CM Financial and Kaisa Securities acted as joint bookrunners and, along with Founder Securities (Hong Kong) Capital Co. Ltd., joint lead managers for the Regulation S add-on. BOC International, China Citic Bank International, Credit Suisse, Deutsche Bank, Haitong International are the joint global coordinators.
The original 2022 notes priced on April 1, and the original 2023 notes priced on May 22.
Proceeds will be used to refinance existing debt.
Kaisa is a property development company based in Shenzhen, China.
| Issuer: | Kaisa Group Holdings Ltd.
|
| Issue: | Senior notes
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| Amount: | $500 million of add-on notes
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| Bookrunners: | BOC International, China Citic Bank International, Credit Suisse, Deutsche Bank, Haitong International, CM Financial and Kaisa Securities
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| Pricing date: | June 24
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| Distribution: | Regulation S
|
|
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| 2022 notes
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| Amount: | $200 million
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| Coupon: | 11¼%
|
| Price: | 102.962
|
| Maturity: | April 9, 2022
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| Call: | Make-whole call until April 9, 2021, then callable at 103
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| Equity clawback: | For up to 35% at 111.25 at any time
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| Original issue: | $350 million priced on April 1
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|
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| 2023 notes
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| Amount: | $300 million
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| Coupon: | 11½%
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| Price: | 100.269
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| Maturity: | Jan. 30, 2023
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| Call: | Make-whole call until May 30, 2021, then callable at 103
|
| Equity clawback: | For up to 35% at 111.5 at any time
|
| Original issue: | $400 million priced on May 22
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