Chicago, Nov. 19 – Times China Holdings Ltd. priced $300 million of 10.95% senior notes due 2020 at 99.912 on Monday, according to a company news release.
The notes will be guaranteed by subsidiaries.
Guotai Junan International, UBS, Deutsche Bank, Credit Suisse, CEB International, China Industrial Securities International, Haitong International, HSBC and Silk Road International are joint bookrunners and joint lead managers.
Proceeds will be used to refinance existing debt and for general working capital purposes.
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: | $300 million
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| Maturity: | Nov. 27, 2020
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| Price: | 99.912
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| Coupon: | 10.95%
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| Call option: | Make-whole call at any time
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| Equity clawback: | For up to 35% at 110.95
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| Expected ratings: | Moody’s: B1
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| Fitch: BB-
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| Pricing date: | Nov. 19
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| Settlement date: | Nov. 27
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| Distribution: | Regulation S
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