By Marisa Wong
Morgantown, W.Va., Oct. 16 – 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 840 million of 8% five-year bonds and RMB 2.16 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.
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: | Oct. 16
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| Type 1 bonds
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| Amount: | RMB 840 million
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| Maturity: | Five years
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| Coupon: | 8%, adjustable at end of third year
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| Put option: | At end of third year
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|
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| Type 2 bonds
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| Amount: | RMB 2.16 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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