By Marisa Wong
Morgantown, W.Va., Nov. 30 – KWG Property Holding Ltd. announced it priced $150 million of additional 6% senior notes due Sept. 15, 2022 on Thursday.
The add-on is priced at 100.25 plus accrued interest from and including Sept. 15 to but excluding Dec. 7.
The notes will be consolidated and form a single series with the original $400 million of notes issued on March 15, 2017 and the $100 million of add-on notes issued on March 29, 2017. The initial tranche and the previous add-on were both priced at par.
Morgan Stanley is the bookrunner and lead manner for the latest tranche.
Proceeds from the Regulation S offering will be used to refinance existing debt.
KWG Property is a developer based in Guangzhou, China.
| Issuer: | KWG Property Holding Ltd.
|
| Issue: | Senior notes, add-on
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| Amount: | $150 million
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| Maturity: | Sept. 15, 2022
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| Coupon: | 6%
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| Price: | 100.25 plus accrued interest from and including Sept. 15 to but excluding Dec. 7
|
| Bookrunner: | Morgan Stanley
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| Call options: | At 103 in the 12-month period beginning March 15, 2020; at 101.5 in the 18-month period beginning March 15, 2021; make-whole call at par prior to March 15, 2020
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| Equity clawback: | 35% at 106 prior to March 15, 2020
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| Pricing date: | Nov. 30
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| Settlement date: | Dec. 7
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| Distribution: | Regulation S
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| Total issuance: | $650 million, including original $400 million issued on March 15, 2017 and $100 million add-on issued on March 29, 2017
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