Published on 3/27/2017 in the Prospect News Emerging Markets Daily.
New Issue: KWG Property issues additional $100 million 6% notes due 2022 at par
By Christine Van Dusen
Atlanta, March 27 – China’s KWG Property Holding priced an additional $100 million of it 6% notes due Sept. 15, 2022 (expected ratings: B+/BB-) at par to yield 6% on Monday, according to a company filing.
The notes will be consolidated with the existing $400 million 6% notes due 2022 that were issued on March 15 at par.
The proceeds will be used to refinance debt.
KWG Property is a developer based in Guangzhou, China.
| Issuer: | KWG Property Holding Ltd.
|
| Amount: | $100 million
|
| Maturity: | Sept. 15, 2022
|
| Description: | Senior notes
|
| Bookrunners: | Goldman Sachs, HSBC, Morgan Stanley, Standard Chartered Bank
|
| Coupon: | 6%
|
| Price: | Par
|
| Yield: | 6%
|
| Trade date: | March 27
|
| Expected ratings: | S&P: B+
|
| Fitch: BB-
|
| Distribution: | Regulation S
|
| Original issue: | $400 million priced at par on March 15, 2017
|
| Total amount: | $500 million
|
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