By Susanna Moon
Chicago, March 15 - KWG Property Holding Ltd. arranged to issue $400 million of 13¼% senior notes due March 22, 2017 (B1/B+/) via Barclays Bank plc, Hongkong and Shanghai Banking Corp. Ltd. and Standard Chartered Bank as bookrunners and lead managers.
The notes priced at 99.112% of par.
The company entered into a purchase agreement for the Regulation S notes on Thursday, according to a company press release.
The notes are callable at any time, in whole but not in part, at par plus accrued interest. Prior to March 22, 2015, the company may opt to redeem up to 35% of the notes with the proceeds of one or more stock offerings at a redemption price of 113.25% of par plus accrued interest.
Proceeds will be used to finance the company's projects and for general corporate purposes. The company said it may adjust its plans in response to changing market conditions and reallocate the use of proceeds.
Approval in principle has been received for listing the notes on the Singapore Exchange Securities Trading Ltd.
KWG Property is a developer based in Guangzhou, China.
| Issuer: | KWG Property Holding Ltd.
|
| Issue: | Senior notes
|
| Amount: | $400 million
|
| Maturity: | March 22, 2017
|
| Bookrunners: | Barclays Bank plc, Hongkong and Shanghai Banking Corp. Ltd. and Standard Chartered Bank
|
| Coupon: | 13¼%
|
| Price: | 99.112
|
| Call option: | At any time, in whole but not in part, at par plus accrued interest; prior to March 22, 2015, up to 35% of notes using proceeds of stock offering at 113.25 plus accrued interest
|
| Pricing date: | March 15
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: B+
|
| Distribution: | Regulation S
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
