New Issue: China’s KWG Property prices $400 million 6% 5.5-year notes at par

By Christine Van Dusen

Atlanta, March 9 – China’s KWG Property Holding Ltd. priced $400 million notes due Sept. 15, 2022 (expected ratings: B+/BB-) at par to yield 6% on Thursday, according to a company filing.

Goldman Sachs, HSBC, Morgan Stanley and Standard Chartered Bank were the bookrunners for the Regulation S offering.

The proceeds will be used to refinance existing debt.

KWG Property is a developer based in Guangzhou, China.

Issuer:	KWG Property Holding Ltd.
Amount:	$400 million
Maturity:	Sept. 15, 2022
Description:	Senior notes
Bookrunners:	Goldman Sachs, HSBC, Morgan Stanley, Standard Chartered Bank
Coupon:	6%
Price:	Par
Yield:	6%
Call options:	At 103 in the 12-month period beginning March 15, 2020; at 101.5 in the 18-month period beginning March 15, 2021; make-whole call at 100% of principal amount prior to March 15, 2020
Equity clawback:	35% at 106 prior to March 15, 2020
Trade date:	March 9
Settlement date:	March 15
Expected ratings:	S&P: B+
	Fitch: BB-
Distribution:	Regulation S

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