By Rebecca Melvin
New York, Feb. 24 – China’s Guangzhou R&F Properties Co., Ltd. unit Easy Tactic Ltd. has priced $325 million 11 5/8% notes due 2024 at par, according to a notice.
The notes (//B+) are guaranteed by Guangzhou R&F, its R&F Properties (HK) Co. Ltd. subsidiary and some other subsidiaries.
The notes are non-callable until Sept. 3, 2023 and then provisionally callable for six months at 105 and accrued interest and after six months beginning on March 3, 2024 at 102.5 and accrued interest.
J.P. Morgan Securities plc, Credit Suisse (Hong Kong) Ltd., China Citic Bank International Ltd. and HeungKong Securities Ltd. are bookrunners for the Regulation S offering.
Proceeds will be used for refinancing medium- to long-term debt set to mature within one year.
Guangzhou R&F is a property developer based in Guangzhou, China.
| Issuer: | Easy Tactic Ltd.
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| Guarantors: | Guangzhou R&F Properties Co., Ltd. and R&F Properties (HK) Co. Ltd.
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| Issue: | Notes
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| Amount: | $325 million
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| Maturity: | 2024
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| Bookrunners: | J.P. Morgan Securities plc, Credit Suisse (Hong Kong) Ltd., China Citic Bank International Ltd. and HeungKong Securities Ltd.
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| Coupon: | 11 5/8%
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| Price: | Par
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| Yield: | 11 5/8%
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| Call option: | Make-whole call prior to Sept. 3, 2023, then callable for six months at 105 plus interest and after six months at 102.5 plus interest
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| Pricing date: | Feb. 24
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| Rating: | Fitch: B+
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| Distribution: | Regulation S
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