By Marisa Wong
Morgantown, W.Va., Sept. 30 – KWG Property Holding Ltd. issued RMB 8 billion seven-year bonds on Friday, according to a company announcement.
The issue consists of three parts: RMB 2.5 billion of 5.6% bonds, RMB 2.5 billion of 5.7% bonds and RMB 3 billion of 5.8% bonds.
There is a coupon adjustment option and put option at the end of the fourth year for the 5.6% bonds, at the end of the 4½ years for the 5.7% bonds and at the end of the five years for the 5.8% bonds.
In May, the company announced plans to issue up to RMB 13 billion of domestic corporate bonds and named Goldman Sachs Gao Hua Securities Co. Ltd., China Securities Co., Ltd. and China Merchants Securities Co., Ltd. to act as joint underwriters for the issue.
Proceeds from this third tranche will be used for general working capital purposes.
The company issued the first and second tranches, totaling RMB 2 billion and RMB 1.3 billion, respectively, in July.
KWG Property is a developer based in Guangzhou, China.
| Issuer: | KWG Property Holding Ltd.
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| Issue: | Domestic corporate bonds, third tranche
|
| Amount: | RMB 8 billion
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| Maturity: | Seven years
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| Underwriters: | Goldman Sachs Gao Hua Securities Co. Ltd., China Securities Co., Ltd., China Merchants Securities Co., Ltd.
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| Settlement date: | Sept. 30
|
|
|
| Type 1 bonds
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| Amount: | RMB 2.5 billion
|
| Coupon: | 5.6%, may be adjusted at end of four years
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| Put option: | At end of four years
|
|
|
| Type 2 bonds
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| Amount: | RMB 2.5 billion
|
| Coupon: | 5.7%, may be adjusted at end of 4½ years
|
| Put option: | At end of 4½ years
|
|
|
| Type 3 bonds
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| Amount: | RMB 3 billion
|
| Coupon: | 5.8%, may be adjusted at end of five years
|
| Put option: | At end of five years
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