Published on 1/8/2021 in the Prospect News Emerging Markets Daily.
New Issue: Times China prices $350 million of 5¾% six-year notes at par
By Rebecca Melvin
New York, Jan. 8 – Times China Holdings Ltd. priced $350 million 5¾% six-year senior notes (B+/BB-) at par on Thursday, according to a company news release.
The notes are callable at par plus a make-whole premium prior to Jan. 14, 2025. From Jan. 14, 2025, the notes are redeemable at 102, and from Jan. 14, 2026, they are redeemable at 101.
Deutsche Bank AG, Singapore Branch, UBS AG Hong Kong Branch, Credit Suisse (Hong Kong) Ltd., CLSA Ltd., Guotai Junan International, Haitong International Securities Co. Ltd., BofA Securities, China Citic Bank International Ltd., Citigroup Global Markets Ltd., CMBC Capital, J.P. Morgan Securities plc and Nomura International (Hong Kong) Ltd. will be the bookrunners for the Regulation S sale.
The company plans to use proceeds to refinance existing debt, but it noted it may adjust its plans in response to changing market conditions.
Times China is a property development holding company based in Guangzhou, China.
| Issuer: | Times China Holdings Ltd.
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| Issue: | Senior notes
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| Amount: | $350 million
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| Maturity: | Jan. 14, 2027
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| Bookrunners: | Deutsche Bank AG, Singapore Branch, UBS AG Hong Kong Branch, Credit Suisse (Hong Kong) Ltd., CLSA Ltd., Guotai Junan International, Haitong International Securities Co. Ltd., BofA Securities, China Citic Bank International Ltd., Citigroup Global Markets Ltd., CMBC Capital, J.P. Morgan Securities plc and Nomura International (Hong Kong) Ltd.
|
| Coupon: | 5¾%
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| Price: | Par
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| Yield: | 5¾%
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| Call option: | Make-whole call until Jan. 14, 2025, then at 102 until Jan. 14, 2026, then at 101 until maturity
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| Equity clawback: | For up to 35% at 105.75 before Jan. 14, 2025
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| Pricing date: | Jan. 7
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| Settlement date: | Jan. 14
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| Ratings: | S&P: B+
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| Fitch: BB-
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| Distribution: | Regulation S
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