By Toni Weeks
San Luis Obispo, Calif., July 29 – KWG Property Holding Ltd. priced $400 million of 8¼% senior notes due 2019 on Tuesday, according to an announcement.
Talk had been set at 8¼% to 8 3/8% for the offering (expected ratings: B1/B+/).
Goldman Sachs (Asia) LLC, HSBC Ltd., Morgan Stanley & Co. International plc, Standard Chartered Bank and UBS AG, Hong Kong Branch are the bookrunners for the Regulation S offering.
The notes are callable from time to time in whole or in part after three years. If the notes are called, the redemption price will be 104.125 in 2017 and 102.0625 in 2018 and thereafter. Prior to that, the company may also redeem all of the notes at par plus a premium or up to 35% of the principal amount of the notes with the proceeds of a stock sale at a redemption price of 108.25.
Proceeds will be used to refinance existing debt and finance existing and new projects.
KWG Property is a developer based in Guangzhou, China.
| Issuer: | KWG Property Holding Ltd.
|
| Amount: | $400 million
|
| Maturity: | Aug. 5, 2019
|
| Description: | Senior notes
|
| Bookrunners: | Goldman Sachs (Asia) LLC, HSBC Ltd., Morgan Stanley & Co. International plc, Standard Chartered Bank and UBS AG, Hong Kong Branch
|
| Coupon: | 8¼%
|
| Price: | Par
|
| Yield: | 8¼%
|
| Call: | From time to time beginning Aug. 5, 2017, with redemption price of 104.125 in 2017 and 102.0625 in 2018 and thereafter; prior to that, notes may be redeemed in full at par plus a premium or up to 35% principal amount may be redeemed at 108.25 with stock proceeds
|
| Trade date: | July 29
|
| Ratings: | Moody’s: B1 (expected)
|
| Standard & Poor’s: B+ (expected)
|
| Distribution: | Regulation S
|
| Talk: | 8¼% to 8 3/8%
|
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