By Wendy Van Sickle
Columbus, Ohio, Jan. 6 – China’s Longfor Properties Co. Ltd. priced $650 million of senior notes due 2027 and 2032 (Baa3//BBB) on Monday, according to a company announcement.
The company priced $250 million of 3 3/8% notes due April 13, 2027 at 99.94.
It also priced $400 million of 3.85% notes due Jan. 16, 2032 at 99.857.
Citigroup, Goldman Sachs (Asia) LLC, Haitong International, HSBC, Morgan Stanley, China International Capital Corp. and Credit Suisse are joint global coordinators, joint bookrunners and joint lead managers for the Regulation S offering.
The notes have a make-whole call and a clean-up call.
The company will use the proceeds to refinance existing debt and for general corporate purposes.
Longfor is a Beijing investment holding company.
| Issuer: | Longfor Properties Co. Ltd.
|
| Issue: | Senior notes
|
| Amount: | $650 million
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| Call: | Make-whole call, clean-up call
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| Bookrunners: | Citigroup, Goldman Sachs (Asia) LLC, Haitong International, HSBC, Morgan Stanley, China International Capital Corp. and Credit Suisse
|
| Ratings: | Fitch: BBB
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| Moody’s: Baa3
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| Pricing date: | Jan. 6
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| Settlement date: | Jan. 13
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| Distribution: | Regulation S
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|
|
| 2027 notes
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| Amount: | $250 million
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| Maturity: | April 13, 2027
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| Coupon: | 3 3/8%
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| Price: | 99.94
|
|
|
| 2032 notes
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| Amount: | $400 million
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| Maturity: | Jan. 13, 2032
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| Coupon: | 3.85%
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| Price: | 99.857
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