New Issue: China’s KWG Property prices $250 million 6% five-year notes at par

By Christine Van Dusen

Atlanta, Dec. 30 – KWG Property Holding Ltd. priced $250 million notes due Jan. 11, 2022 (expected rating: /B+/BB-) at par to yield 6% on Thursday, according to a company filing.

Goldman Sachs was the bookrunner for the Regulation S deal.

The proceeds will be used to refinance offshore debt and for general corporate purposes.

KWG Property is a developer based in Guangzhou, China.

Issuer:	KWG Property Holding Ltd.
Amount:	$250 million
Maturity:	Jan. 11, 2022
Description:	Senior notes
Bookrunner:	Goldman Sachs
Coupon:	6%
Price:	Par
Yield:	6%
Call options:	Make-whole call until Jan. 11, 2020, then at 103, declining to 101.5 on Jan. 11, 2021
Equity clawback:	35% at 106 until Jan. 11, 2020
Trade date:	Dec. 29
Settlement date:	Jan. 11
Expected rating:	S&P: B+
	Fitch: BB-
Distribution:	Regulation S

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