By Wendy Van Sickle
Columbus, Ohio, March 12 – Guorui Properties Ltd. priced a $295 million add-on to 13˝% senior notes due 2022 at 97, according to an announcement Tuesday.
The notes will be consolidated and form a single series with the $160 million of the notes issued on Feb. 28.
Haitong International is the global coordinator, lead manager and bookrunner of the Regulation S deal.
Proceeds will be used to repurchase the $280.31 portion of the company’s $300 million 7% notes due 2020 for which a put option was exercised by holders. Any remaining proceeds would be used for general corporate purposes.
Beijing-based Guorui Properties is a residential developer and is incorporated in the Cayman Islands under the name Glory Land Co. Ltd.
| Issuer: | Guorui Properties Ltd.
|
| Issue: | Senior notes add-on
|
| Amount: | $295 million
|
| Maturity: | Feb, 28, 2022
|
| Coupon: | 13˝%
|
| Price: | 97
|
| Call: | Make-whole call at any time
|
| Equity claw: | For up to 35% at 113.5 at any time
|
| Bookrunner: | Haitong International
|
| Original issue: | $160 million issued on Feb. 28
|
| Ratings: | Fitch: B (expected)
|
| Pricing date: | March 12
|
| Settlement: | March 15
|
| Distribution: | Regulation S
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
