New Issue: China’s Times Property prices $500 million three-year 6¼% notes at par

By Wendy Van Sickle

Columbus, Ohio, Jan. 9 – Times Property Holdings Ltd. priced $500 million of 6¼% notes due 2021 (B2/B/B+) at par on Tuesday, according to a notice.

UBS AG, Hong Kong Branch, Deutsche Bank AG, Singapore Branch, Guotai Junan International, ABCI Capital Ltd., China Citic Bank International Ltd., China Industrial Securities, International, Citi, Haitong International Securities, HSBC, Shanghai Pudong Development Bank Hong Kong Branch were joint bookrunners and joint lead managers for the Regulation S offering.

The notes include a make-whole call for the first two years and are callable at 102 in the final year. There is an equity clawback for up to 35% at 106.25 exercisable at any time during the life of the notes.

Proceeds will be used to refinance existing debt and for general working capital purposes.

The property developer of upper-end residential properties is based in Guangzhou, China.

Issuer:	Times Property Holdings Ltd.
Amount:	$500 million
Maturity:	Jan. 7, 2021
Description:	Senior notes
Bookrunners:	UBS AG, Hong Kong Branch, Deutsche Bank AG, Singapore Branch, Guotai Junan International, ABCI Capital Ltd., China Citic Bank International Ltd., China Industrial Securities, International, Citi, Haitong International Securities, HSBC, Shanghai Pudong Development Bank Hong Kong Branc
Coupon:	6¼%
Price:	Par
Yield:	6¼%
Call options:	Make-whole call until Jan. 17, 2020, then at 102 until maturity
Equity clawback:	For up to 35% at 106.25
Trade date:	Jan. 9
Settlement date:	Jan. 17
Ratings:	Moody’s: B2
	S&P: B
	Fitch: B+
Distribution:	Regulation S

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