New Issue: China’s KWG Property prices $250 million 5.2% 5-year notes at par

By Wendy Van Sickle

Columbus, Ohio, Sept. 18 – China’s KWG Property Holding Ltd. priced $250 million notes due Sept. 21, 2022 (expected ratings: BB-) at par to yield 5.2% on Monday, according to a company filing.

Citi, Goldman Sachs, HSBC 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:	$250 million
Maturity:	Sept. 21, 2022
Description:	Senior notes
Bookrunners:	Citi, Goldman Sachs, HSBC and Standard Chartered Bank
Coupon:	5.2%
Price:	Par
Yield:	5.2%
Call options:	At 102.6 in the 12-month period beginning Sept. 21, 2020; at 101.3 thereafter; make-whole call prior to Sept. 21, 2020
Equity clawback: 35% at 105.2 prior to Sept. 21, 2020
Trade date:	Sept. 18
Settlement date:	Sept. 21
Expected ratings: Fitch: BB-
Distribution:	Regulation S

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