New Issue: China’s Kaisa prices $300 million four-year 10 7/8% notes at 99.604

By Wendy Van Sickle

Columbus, Ohio, July 16 – Kaisa Group Holdings Ltd. priced $300 million 10 7/8% senior notes due 2023 at 99.604 on Tuesday, according to a listing announcement.

Credit Suisse, Deutsche Bank, Barclays, BOC International, China Citic Bank International, Haitong International, Guotai Junan International, Kaisa Securities and Founder Securities (Hong Kong) Capital Co. Ltd. are joint lead managers for the Regulation S offering.

Proceeds will be used to refinance existing debt.

Kaisa Group is a Shenzhen, China-based property development company.

Issuer:	Kaisa Group Holdings Ltd.
Issue:	Senior notes
Amount:	$300 million
Coupon:	10 7/8%
Price:	99.604
Maturity:	July 23, 2023
Bookrunners:	Credit Suisse, Deutsche Bank, Barclays, BOC International, China Citic Bank International, Haitong International, Guotai Junan International, Kaisa Securities and Founder Securities (Hong Kong) Capital Co. Ltd.
Call:	Make-whole call until July 23, 2021, then callable at 104 until July 23, 2023 and at 102 thereafter
Equity clawback:	For up to 35% at 110.875 at any time
Pricing date:	July 16
Distribution:	Regulation S
Ratings:	Fitch: B
	Moody’s: B2

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