By Wendy Van Sickle
Columbus, Ohio, Nov. 5 – Kaisa Group Holdings Ltd. priced a $150 million add-on to its 10 7/8% senior notes (B2//B) due July 23, 2023 at 96.6825 on Tuesday, according to a notice.
The notes will be consolidated and form a single series with the $300 million of 10 7/8% senior notes the company priced at 99.604 on July 16.
BOC International, Credit Suisse, Deutsche Bank and Haitong International are joint lead managers for the Regulation S add-on 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: | $150 million add-on
|
| Maturity: | July 23, 2023
|
| Bookrunners: | BOC International, Credit Suisse, Deutsche Bank and Haitong International
|
| Coupon: | 10 7/8%
|
| Price: | 96.6825
|
| 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: | Nov. 5
|
| Ratings: | Moody’s: B2
|
| Fitch: B
|
| Distribution: | Regulation S
|
| Original issue: | $300 million priced on July 16 at 99.604
|
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