New Issue: China’s KWG Property prices $100 million more 5 7/8% seven-year notes

By Marisa Wong

Morgantown, W.Va., Nov. 9 – KWG Property Holding Ltd. announced it priced $100 million of additional seven-year notes at par to yield 5 7/8% on Wednesday.

The notes will be consolidated and form a single series with the original $300 million of 5 7/8% notes (expected rating: //BB-) that priced at par on Tuesday.

Citi, Goldman Sachs (Asia), HSBC, Morgan Stanley and Standard Chartered Bank are the bookrunners for the Regulation S offering, as previously reported.

Proceeds will be used to refinance existing debt.

KWG Property is a developer based in Guangzhou, China.

Issuer:	KWG Property Holding Ltd.
Issue:	Senior notes
Amount:	$400 million, increased from $300 million
Maturity:	Nov. 10, 2024
Bookrunners:	Citi, Goldman Sachs (Asia), HSBC, Morgan Stanley and Standard Chartered Bank
Coupon:	5 7/8%
Price:	Par
Yield:	5 7/8%
Call option:	At 102.9375 on or after Nov. 10, 2021
Equity clawback:	35% at 105.875 prior to Nov. 10, 2021
Pricing date:	Nov. 7 for $300 million, Nov. 8 for $100 million
Expected rating:	Fitch: BB-
Distribution:	Regulation S

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