By Rebecca Melvin
New York, July 5 – Guangzhou R&F Properties Co. Ltd. subsidiary Easy Tactic Ltd. has sold $450 million 8 1/8% senior notes due 2024 (expected rating: //BB-) at par, according to a notice.
The issue can be called in whole prior to July 11, 2022 at par plus a make-whole premium and accrued interest. After July 11, 2022, the issuer may redeem the notes in whole or in part, at 104.0625 in 2022 and at 102.03125 in 2023.
Goldman Sachs (Asia) LLC, HeungKong Financial, Credit Suisse, Bank of America Merrill Lynch and J.P. Morgan were the bookrunners for the Regulation S deal.
Proceeds will be used to refinance offshore debt.
Guangzhou R&F is engaged in the development and sale of properties, property investment, hotel operations and other property development-related services in China. It is based in Guangzhou, China.
| Issuer: | Easy Tactic Ltd.
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| Guarantor: | Guangzhou R&F Properties Co., Ltd.
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| Issue: | Senior notes
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| Amount: | $450 million
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| Maturity: | July 11, 2024
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| Bookrunners: | Goldman Sachs (Asia) LLC, HeungKong Financial, Credit Suisse, Bank of America Merrill Lynch and J.P. Morgan
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| Coupon: | 8 1/8%
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| Price: | Par
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| Calls: | Prior to July 11, 2022, the whole issue can be called at par plus a make-whole premium and accrued interest; after July 11, 2022, the issue can be called at 104.0625 in 2022 and at 102.0315 in 2023
|
| Pricing date: | July 4
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| Expected rating: | Fitch: BB-
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| Distribution: | Regulation S
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