By Christine Van Dusen
Atlanta, Jan. 29 - China's KWG Property Holding Ltd. priced $300 million seven-year notes at par to yield 8 5/8%, a market source said.
Citigroup, Goldman Sachs, HSBC, ICBC, Standard Chartered Bank and UBS were the bookrunners for the Regulation S deal.
The proceeds will be used to refinance debt and finance existing and new projects.
The company recently canceled plans for an issue of dollar-denominated perpetual notes in favor of the 2020 bonds.
KWG Property is a developer based in Guangzhou, China.
| Issuer: | KWG Property Holding Ltd.
|
| Amount: | $300 million
|
| Maturity: | Feb. 5, 2020
|
| Description: | Notes
|
| Bookrunners: | Citigroup, Goldman Sachs, HSBC, ICBC, Standard Chartered Bank, UBS
|
| Coupon: | 8 5/8%
|
| Price: | Par
|
| Yield: | 8 5/8%
|
| Trade date: | Jan. 29
|
| Settlement date: | Feb. 5
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: BB-
|
| Distribution: | Regulation S
|
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