Published on 1/10/2019 in the Prospect News Emerging Markets Daily.
New Issue: Sunac China prices $600 million 8 3/8% senior notes due 2021 at par
By Wendy Van Sickle
Columbus, Ohio, Jan. 10 – Sunac China Holdings Ltd. announced it priced $600 million of 8 3/8% two-year senior notes (B2/B/BB-) at par on Thursday.
HSBC, Morgan Stanley, China Citic Bank International, China Industrial Securities International, CMB International, Deutsche Bank, Guotai Junan International, ICBC International and Nomura are joint global coordinators and joint bookrunners for the Regulation S offering.
Proceeds will be used to refinance the group’s existing debt.
Sunac is a Tianjin, China-based residential and commercial property developer.
Issuer: | Sunac China Holdings Ltd.
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Issue: | Senior notes
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Amount: | $600 million
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Maturity: | Jan. 15, 2021
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Bookrunners: | HSBC, Morgan Stanley, China Citic Bank International, China Industrial Securities International, CMB International, Deutsche Bank, Guotai Junan International, ICBC International and Nomura
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Coupon: | 8 3/8%
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Price: | Par
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Yield: | 8 3/8%
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Call option: | At any time in whole at make-whole amount
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Equity clawback: | Up to 35% at 108.375
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Put option: | At 101 upon change of control
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Pricing date: | Jan. 10
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Settlement date: | Jan. 15
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Ratings: | Moody’s: B2
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| S&P: B
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| Fitch: BB-
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Distribution: | Regulation S
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