By Rebecca Melvin
New York, Nov. 7 – China’s KWG Property Holding Ltd. priced $300 million seven-year notes (expected rating: //BB-) at par to yield 5 7/8% on Tuesday, according to a company filing.
Citi, Goldman Sachs (Asia) LLC, HSBC, Morgan Stanley and Standard Chartered Bank were the bookrunners, joint lead managers and initial purchasers of the Regulation S offering.
The company can call the notes on or after Nov. 10, 2021 at 102.9375.
The proceeds will be used to refinance existing debt.
KWG Property is a developer based in Guangzhou, China.
| Issuer: | KWG Property Holding Ltd.
|
| Amount: | $300 million
|
| Maturity: | Nov. 10, 2024
|
| Description: | Senior notes
|
| Bookrunners: | Citi, Goldman Sachs (Asia) LLC, HSBC, Morgan Stanley and Standard Chartered Bank
|
| Coupon: | 5 7/8%
|
| Price: | Par
|
| Yield: | 5 7/8%
|
| Call options: | At 102.9375 on or after Nov. 10, 2021
|
| Equity clawback: | 35% at 105.875 prior to Nov. 10, 2021
|
| Pricing date: | Nov. 7
|
| Expected rating: | Fitch: BB-
|
| Distribution: | Regulation S
|
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