New Issue: Sunac China prices $500 million 6.65% notes due 2024 at 99.31

Chicago, July 30 – Sunac China Holdings Ltd. priced $500 million 6.65% senior notes due Aug. 3, 2024 (B+/BB) at 99.31 on Wednesday, according to a notice.

The notes feature a make-whole call until Aug. 3, 2022 and then can be redeemed at 103 after that date and then at 101 starting on Aug. 3, 2023.

Morgan Stanley & Co. International plc, Barclays, China Citic Bank International Ltd., China Industrial Securities International Brokerage Ltd., CMB International Capital Ltd., Credit Suisse (Hong Kong) Ltd., Guotai Junan Securities (Hong Kong) Ltd. and HSBC Ltd. are joint global coordinators and joint bookrunners for the Regulation S offering.

Proceeds will be used to repay debt which matures within a year.

Sunac is a Tianjin, China-based residential and commercial property developer.

Issuer:	Sunac China Holdings Ltd.
Issue:	Senior notes
Amount:	$500 million
Maturity:	Aug. 3, 2024
Bookrunners:	Morgan Stanley & Co. International plc, Barclays, China Citic Bank International Ltd., China Industrial Securities International Brokerage Ltd., CMB International Capital Ltd., Credit Suisse (Hong Kong) Ltd., Guotai Junan Securities (Hong Kong) Ltd. and HSBC Ltd.
Coupon:	6.65%
Price:	99.31
Call option:	Make-whole call until Aug. 3, 2022; then at 103 and then starting on Aug. 3, 2023 at 101
Equity clawback:	Up to 35% at 106.65
Change-of-control put:	At 101 plus interest
Pricing date:	July 29
Settlement date:	Aug. 3
Ratings:	S&P: B+
	Fitch: BB
Distribution:	Regulation S

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