By Aleesia Forni
Virginia Beach, March 13 - China's Times Property Holdings Ltd. priced $225 million of 12 5/8% five-year notes at 99.278 to yield 12 7/8%, according to a market source and a company news release.
The yield printed at the tight end of talk, which was set in the area of 13%.
BOC International, Citigroup, Haitong International, HSBC and UBS were the bookrunners for the Regulation S deal.
The proceeds will be used to refinance existing debt, to fund property development projects and for general corporate purposes.
Times Property is based in Guangzhou, China.
| Issuer: | Times Property Holdings Ltd.
|
| Amount: | $225 million
|
| Description: | Notes
|
| Maturity: | March 21, 2019
|
| Bookrunners: | BOC International, Citigroup, Haitong International, HSBC, UBS
|
| Coupon: | 12 5/8%
|
| Price: | 99.278
|
| Yield: | 12 7/8%
|
| Price talk: | 13% area
|
| Trade date: | March 12
|
| Distribution: | Regulation S
|
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