New Issue: Times China prices $450 million 7.85% notes due 2021 at par

By Rebecca Melvin

New York, May 29 – Times China Holdings Ltd. priced $450 million of 7.85% notes due 2021 (expected ratings: B1//BB-) at par, according to a company announcement.

Guotai Junan International, UBS, Deutsche Bank, China Citic Bank International, China Industrial Securities International, China International Capital Corp., CMB International. Haitong International and JPMorgan are joint lead managers of the Regulation S sale.

Proceeds are expected to be used for refinancing debt and for general working capital.

Times China is a property holding company based in Guangzhou, China.

Issuer:	Times China Holdings Ltd.
Issue:	Notes
Amount:	$450 million
Maturity:	June 4, 2021
Joint lead managers:	Guotai Junan International, UBS, Deutsche Bank, China Citic Bank International, China Industrial Securities International, China International Capital Corp., CMB International. Haitong International and JPMorgan
Coupon:	7.85%
Price:	Par
Yield:	7.85%
Calls:	Non-callable
Settlement date:	June 4
Ratings:	Moody’s: B1
	Fitch: BB-
Distribution:	Regulation S

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