Chicago, Dec. 12 – Hydoo International Holding Ltd. priced $193.5 million 14% senior notes (//B-) due Dec. 19, 2021, according to an announcement.
The issue is comprised of $81,827,000 of new notes and $111,673,000 of new notes pursuant to an exchange offer for notes due May 2020.
The notes are callable at any time prior to Dec. 19, 2021 at 102.236 plus the applicable premium and interest to the redemption date.
There is an equity clawback feature where the company may redeem up to 35% of the new notes at 114 any time prior to Dec. 19, 2021.
Proceeds will be used for debt repayment, acquisition financing or development of assets or property in the ordinary course of business and general corporate purposes.
AMTD and BNP Paribas are the joint global coordinators.
AMTD, BNP Paribas, Kaisa Financial Group Co. Ltd. and Fulbright Securities Ltd. are the joint bookrunners and joint lead managers in respect of the offer and sale of the new notes under the concurrent new money issuance.
Hydoo is a Shenzhen, China-based investment holding company with subsidiaries that are principally engaged in the development and operation of large-scale business centers in China.
| Issuer: | Hydoo International Holding Ltd.
|
| Issue: | Senior notes
|
| Amount: | $193.5 million
|
| Maturity: | Dec. 19, 2021
|
| Coupon: | 14%
|
| Rating: | Fitch: B-
|
| Call feature: | Any time prior to Dec. 19, 2021 at 102.236 plus premium plus interest
|
| Equity clawback: | Up to 35% before Dec. 19, 2021 at 114
|
| Pricing date: | Dec. 13
|
| Settlement date: | Dec. 19
|
| Distribution: | Regulation S
|
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