By Wendy Van Sickle
Columbus, Ohio, Jan. 8 – Kaisa Group Holdings Ltd. priced $500 million 10½% senior notes due 2023 at par on Wednesday, according to a listing announcement.
Credit Suisse, Deutsche Bank, Haitong International, BOC International, Barclays, China Citic Bank International, Guotai Junan International, Kaisa Financial Group, Fulbright Securities Ltd. and HeungKong Financial are the joint bookrunners and joint lead managers for the Regulation S offering.
Credit Suisse, Deutsche Bank and Haitong International are also joint global coordinators.
The company can redeem the notes at 103 in 2023 and at 101 in 2024.
Proceeds will be used to refinance its existing medium- to long-term debt, which is due within one year.
Kaisa Group is a Shenzhen, China-based property development company.
| Issuer: | Kaisa Group Holdings Ltd.
|
| Issue: | Senior notes
|
| Amount: | $500 million
|
| Maturity: | Jan. 15, 2025
|
| Bookrunners: | Credit Suisse, Deutsche Bank, Haitong International (global coordinators), BOC International, Barclays, China Citic Bank International, Guotai Junan International, Kaisa Financial Group, Fulbright Securities Ltd. and HeungKong Financial
|
| Coupon: | 10½%
|
| Price: | Par
|
| Yield: | 10½%
|
| Call: | Make-whole call until Jan. 15, then callable at 103 until 2023, then callable at 101
|
| Equity clawback: | For up to 35% at 110.5 at any time
|
| Pricing date: | Jan. 8
|
| Distribution: | Regulation S
|
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