Published on 8/10/2018 in the Prospect News Emerging Markets Daily.
New Issue: Beijing Properties prices $250 million 9% notes due 2020 at par
By Wendy Van Sickle
Columbus, Ohio, Aug. 10 – Beijing Properties (Holdings) Ltd. priced $250 million of 9% two-year guaranteed bonds at par on Friday, according to a company announcement.
The bonds will be issued through wholly owned subsidiary Nimble City Ltd. and guaranteed by the parent company.
Credit Suisse (Hong Kong) Ltd., Guotai Junan Securities (Hong Kong) Ltd., China Everbright Bank Co., Ltd., Hong Kong Branch, Mizuho Securities Asia Ltd., Shanghai Pudong Development Bank Co., Ltd., Hong Kong Branch, Silk Road International Capital Ltd., China Citic Bank International Ltd., Citigroup Global Markets Ltd., Orient Securities (Hong Kong) Ltd. and Zhongtai International Securities Ltd. are the joint lead managers and bookrunners for the Regulation S offering.
Proceeds will be used to refinance existing debt and general corporate purposes.
The property developer is based in Hong Kong.
| Issuer: | Nimble City Ltd.
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| Guarantor: | Beijing Properties (Holdings) Ltd.
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| Issue: | Guaranteed bonds
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| Amount: | $250 million
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| Maturity: | Aug. 16, 2020
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| Coupon: | 9%
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| Price: | Par
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| Yield: | 9%
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| Bookrunners: | Credit Suisse (Hong Kong) Ltd., Guotai Junan Securities (Hong Kong) Ltd., China Everbright Bank Co., Ltd., Hong Kong Branch, Mizuho Securities Asia Ltd., Shanghai Pudong Development Bank Co., Ltd., Hong Kong Branch, Silk Road International Capital Ltd., China Citic Bank International Ltd., Citigroup Global Markets Ltd., Orient Securities (Hong Kong) Ltd. and Zhongtai International Securities Ltd.
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| Call option: | In whole at make-whole price for the first year, then in whole at 101
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| Pricing date: | Aug. 10
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| Settlement date: | Aug. 16
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| Distribution: | Regulation S
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