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China’s KWG Property calls all $400 million 13½% notes due 2017
By Marisa Wong
Morgantown, W.Va., Oct. 11 – KWG Property Holding Ltd. gave notice that it will redeem its 13½% senior notes due 2017 in full on Nov. 10.
The notes will be redeemed at par plus an applicable premium and accrued interest to the redemption date.
The applicable premium will be the greater of (a) 1% and (b) the excess of (i) the present value at the redemption date of 100% of the principal amount of the notes on March 22 plus all required remaining scheduled interest payments due through March 22, discounted at the adjusted treasury rate plus 100 basis points, over (ii) the principal amount of the notes on redemption date.
As of Oct. 11, the outstanding principal amount of the notes is $400 million.
KWG Property is a developer based in Guangzhou, China.
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