By Wendy Van Sickle
Columbus, Ohio, Nov. 18 – Agile Group Holdings Ltd. priced $200 million senior perpetual capital securities (Ba3) with an initial rate of 7¾%, according to an announcement.
The initial rate resets on the first reset date, May 25, 2025. The rate will reset after that date at the applicable Treasury rate plus 608.3 basis points plus 5% per year, to be reset every five years.
The securities may be redeemed in whole, but not in part, on the first reset date or any date thereafter at par plus the distribution accrued to the redemption date.
HSBC, Standard Chartered Bank, Bank of East Asia, Ltd. and HeungKong Financial are the bookrunners for the Regulation S offering.
The company intends to use proceeds to refinance some of its existing debt, according to a notice.
The property developer is based in Hong Kong.
| Issuer: | Agile Group Holdings Ltd.
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| Issue: | Senior perpetual capital securities
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| Amount: | $200 million
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| Maturity: | Perpetual
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| Bookrunners: | HSBC, Standard Chartered Bank, Bank of East Asia, Ltd. and HeungKong
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| Coupon: | 7¾% until May 25, 2025; after that, applicable treasury rate on the relevant reset date plus 608.3 bps plus 5% per year, to be reset each five years
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| Price: | Par
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| Call: | May be redeemed in whole but not in part on or after the first reset date at par plus accrued interest to the redemption date
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| Pricing date: | Nov. 18
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| Settlement date: | Nov. 25
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| Rating: | Moody’s: Ba3
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| Distribution: | Regulation S
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