By Wendy Van Sickle
Columbus, Ohio, July 31 – China’s KWG Property Holding Ltd. priced $350 million three-year notes (//BB-) at par to yield 7 7/8% on Tuesday, according to a company filing.
Goldman Sachs (Asia) LLC, Guotai Junan International, 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 Aug. 9, 2020 at 103.9375.
The proceeds will be used to refinance existing debt.
KWG Property is a developer based in Guangzhou, China.
| Issuer: | KWG Property Holding Ltd.
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| Amount: | $350 million
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| Maturity: | Aug. 9, 2021
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| Description: | Senior notes
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| Bookrunners: | Goldman Sachs (Asia) LLC, Guotai Junan International, HSBC, Morgan Stanley and Standard Chartered Bank
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| Coupon: | 7 7/8%
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| Price: | Par
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| Yield: | 7 7/8%
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| Call options: | At 103.9375 on or after Aug. 9, 2020
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| Equity clawback: | 35% at 107.875 prior to Aug. 9, 2020
|
| Pricing date: | July 31
|
| Rating: | Fitch: BB-
|
| Distribution: | Regulation S
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