By Marisa Wong
Morgantown, W.Va., Sept. 26 – KWG Property Holding Ltd.’s wholly owned subsidiary, Guangzhou Hejing Real Estate Development Ltd., priced two types of domestic corporate bonds totaling RMB 3 billion, according to a company announcement.
Guangzhou Hejing will issue RMB 1 billion of 7.85% five-year bonds and RMB 2 billion of 7½% three-year bonds.
The bonds have a coupon adjustment option and put option at the end of the third year for the five-year bonds and at the end of the second year for the three-year bonds.
Guotai Junan Securities Co., Ltd. and Zhongshan Securities Co., Ltd. are the underwriters, as previously disclosed.
Proceeds will be used to refinance existing debt.
KWG Property is a developer based in Guangzhou, China.
Issuer: | Guangzhou Hejing Real Estate Development Ltd.
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Issue: | Domestic corporate bonds
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Amount: | RMB 3 billion
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Underwriters: | Guotai Junan Securities Co., Ltd. and Zhongshan Securities Co., Ltd.
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Announcement date: | Sept. 26
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Type 1 bonds
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Amount: | RMB 1 billion
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Maturity: | Five years
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Coupon: | 7.85%, adjustable at end of third year
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Put option: | At end of third year
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Type 2 bonds
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Amount: | RMB 2 billion
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Maturity: | Three years
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Coupon: | 7½%, adjustable at end of second year
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Put option: | At end of second year
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