By Wendy Van Sickle
Columbus, Ohio, Feb. 27 – Modern Land (China) Co., Ltd. said it priced $350 million of 7.95% senior notes due 2021 (B3//B+) at par on Tuesday.
Guotai Junan International, Deutsche Bank, HSBC, BOCOM International, BOSC International, Shanghai Pudong Development Bank Hong Kong Branch, UBS, VTB Capital and Zhongtai International
are the joint global coordinators, joint bookrunners and joint lead managers for the Regulation S offering.
Proceeds will be used to refinance debt related to new and existing projects and businesses with environmental benefits.
HSBC is the green structuring adviser.
The property developer is based in Beijing.
| Issuer: | Modern Land (China) Co., Ltd.
|
| Issue: | Senior notes
|
| Amount: | $350 million
|
| Maturity: | March 5, 2021
|
| Coupon: | 7.95%
|
| Price: | Par
|
| Yield: | 7.95%
|
| Bookrunners: | Guotai Junan International, Deutsche Bank, HSBC, BOCOM International, BOSC International, Shanghai Pudong Development Bank Hong Kong Branch, UBS, VTB Capital and Zhongtai International
|
| Call option: | Make-whole call at any time
|
| Equity clawback: | For 35% at 107.95
|
| Put option: | At 101 upon change of control or delisting
|
| Pricing date: | Feb. 27
|
| Issue date: | March 5
|
| Ratings: | Moody’s: B3
|
| Fitch: B+
|
| Distribution: | Regulation S
|
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