By Christine Van Dusen and Angela McDaniels
Atlanta, April 11 - China's Texhong Textile Group Ltd. printed a $200 million issue of 6½% notes due Jan. 18, 2019 (Ba3) at 99.423, a market source said.
Deutsche Bank AG, Singapore Branch, J.P. Morgan Securities plc and Standard Chartered Bank were the bookrunners for the Regulation S deal.
Prior to Jan. 18, 2017, the notes are callable at par plus a make-whole premium, and the company also has an equity clawback option for up to 35% of the notes at 106.5.
Beginning Jan. 18, 2017, the notes are callable at 103.25. The call price steps down to 101.625 a year later.
The company plans to use half of the proceeds for capital expenditures and the remainder for working capital and general corporate purposes.
Texhong Textile is a fabric supplier based in Shanghai.
| Issuer: | Texhong Textile Group Ltd.
|
| Amount: | $200 million
|
| Maturity: | Jan. 18, 2019
|
| Description: | Notes
|
| Bookrunners: | Deutsche Bank AG, Singapore Branch, J.P. Morgan Securities plc and Standard Chartered Bank
|
| Coupon: | 6½%
|
| Price: | 99.423
|
| Call option: | Make-whole call prior to Jan. 18, 2017; at 103.25 beginning Jan. 18, 2017; at 101.625 beginning Jan. 18, 2018
|
| Equity clawback: | For up to 35% of the notes at 106.5 prior to Jan. 18, 2017
|
| Trade date: | April 11
|
| Settlement date: | April 18
|
| Rating: | Moody's: Ba3
|
| Distribution: | Regulation S
|
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