By Sarah Lizee
Olympia, Wash., Jan. 24 – Sino-Ocean Group Holding Ltd. wholly owned subsidiary Sino-Ocean Land Treasure IV Ltd. priced $500 million of 5¼% guaranteed notes (Baa3//BBB-) due April 30, 2022 at 99.495 on Thursday, according to a notice.
Sino-Ocean guarantees the notes.
HSBC, UBS, Goldman Sachs (Asia) LLC, China Citic Bank International, China International Capital Corp., CMB International, DBS Bank Ltd., Morgan Stanley, Silk Road International, Bank of East Asia, Haitong International and Guotai Junan International are the joint lead managers and bookrunners.
Interest is payable semiannually.
The notes may be redeemed at the option of the issuer in whole but not in part any time prior to April 1, 2022 at a make-whole price plus interest to the redemption date and after April 1, 2022 at par plus interest to the redemption date.
Proceeds from the Regulation S deal will be used mainly to repay existing debt.
The property developer is based in Hong Kong.
| Issuer: | Sino-Ocean Land Treasure IV Ltd.
|
| Guarantor: | Sino-Ocean Group Holding Ltd.
|
| Issue: | Guaranteed notes
|
| Amount: | $500 million
|
| Maturity: | April 30, 2022
|
| Bookrunners: | HSBC, UBS, Goldman Sachs (Asia) LLC, China Citic Bank International, China International Capital Corp., CMB International, DBS Bank Ltd., Morgan Stanley, Silk Road International, Bank of East Asia, Haitong International and Guotai Junan International
|
| Coupon: | 5¼%, payable semiannually
|
| Price: | 99.495
|
| Call option: | Before April 1, 2022 at a make-whole price plus interest to the redemption date; after April 1, 2022 at par plus interest to the redemption date
|
| Trade date: | Jan. 24
|
| Ratings: | Moody’s: Baa3
|
| Fitch: BBB-
|
| Distribution: | Regulation S
|
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