By Christine Van Dusen and Toni Weeks
Atlanta, July 23 – China’s Sino-Ocean Land Holdings Ltd. – through Sino-Ocean Land Treasure Finance I Ltd. – priced $500 million of 4 5/8% guaranteed notes due 2019 and $700 million of 6% guaranteed notes due 2024, according to a press release.
The 4 5/8% notes priced at 99.471, while the 6% notes priced at 98.892.
The notes due in five years were talked at a spread in the Treasuries plus 315 basis points area.
The notes due in 10 years were talked at a yield of 6.15%.
Bank of China (Hong Kong), Deutsche Bank, Goldman Sachs, HSBC and JPMorgan are the joint global coordinators. ANZ, DBS, Morgan Stanley and UBS are the bookrunners for the Regulation S issue.
The proceeds will be used for repaying existing debt and for general corporate purposes, according to a company filing.
The issuer is a Beijing-based real estate developer.
| Issuer: | Sino-Ocean Land Treasure Finance I Ltd.
|
| Guarantor: | Sino-Ocean Land Holdings Ltd.
|
| Issue: | Guaranteed notes
|
| Amount: | $1.2 billion
|
| Joint global coordinators: Bank of China (Hong Kong), Deutsche Bank, Goldman Sachs, HSBC and JPMorgan
|
| Bookrunners: | ANZ, DBS, Morgan Stanley and UBS
|
| Call: | Yes
|
| Trade date: | July 23
|
| Settlement date: | July 30
|
| Expected ratings: | Baa3/BBB-/BBB-
|
| Distribution: | Regulation S
|
|
|
| Notes due 2019
|
| Amount: | $500 million
|
| Price: | 99.471
|
| Coupon: | 4 5/8%
|
| Maturity: | July 30, 2019
|
| Price talk: | Treasuries plus 315 bps
|
|
|
| Notes due 2024
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| Amount: | $700 million
|
| Price: | 98.892
|
| Coupon: | 6%
|
| Maturity: | July 30, 2024
|
| Yield talk: | 6.15%
|
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