By Reshmi Basu
New York, March 30 - Lai Fung Holdings Ltd. sold a $200 million offering of seven-year fixed-rate senior notes (B1/B+) at par to yield 9 1/8%, according to a market source.
The deal came at the low end of guidance, which was set in the area of 9¼%.
Proceeds from the sale will be used toward the acquisition of land and property projects, for project development, for property improvements and for general working capital.
Deutsche Bank and HSBC were joint bookrunners for the deal.
The Hong Kong-based issuer is involved in the development of properties and investment in service apartments, commercial and office buildings in China.
| Issuer: | Lai Fung Holdings Ltd.
|
| Amount: | $200 million
|
| Issue: | Fixed-rate senior notes
|
| Maturity: | April 4, 2014
|
| Coupon: | 9 1/8%
|
| Issue price: | Par
|
| Yield: | 9 1/8%
|
| Lead managers: | Deutsche Bank, HSBC
|
| Pricing date: | March 30
|
| Settlement date: | April 4
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: B+
|
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