New Issue: Seazen’s New Metro unit sells $404 million 4½% notes due 2026

By Taylor Fox

New York, Jan. 27 – Seazen Holdings Co., Ltd.’s indirect wholly owned subsidiary, New Metro Global Ltd., sold $404 million of 4½% senior notes due 2023 at 99.543, according to a notice.

Haitong International Securities Co. Ltd., CLSA Ltd. and CMB International Capital Ltd. are the joint global coordinators and joint bookrunners, and Seazen Resources Securities Ltd., China International Capital Corp. Hong Kong Securities Ltd., Guotai Junan Securities (Hong Kong) Ltd., Donghai International Securities (Hong Kong) Ltd. and Central Wealth Securities Investment Ltd. are the joint bookrunners.

Proceeds will be used to refinance medium- to long-term offshore debt, which will become due within one year.

Seazen is a Shanghai-based real estate developer.

Issuer:	New Metro Global Ltd.
Guarantor:	Seazen Holdings Co., Ltd.
Issue:	Senior notes
Amount:	$404 million
Maturity:	May 2, 2026
Bookrunners:	Haitong International Securities Co. Ltd., CLSA Ltd., CMB International Capital Ltd., Seazen Resources Securities Ltd., China International Capital Corp. Hong Kong Securities Ltd., Guotai Junan Securities (Hong Kong) Ltd., Donghai International Securities (Hong Kong) Ltd. and Central Wealth Securities Investment Ltd.
Coupon:	4½%
Price:	99.543
Call:	Make-whole call until May 2, 2024, then callable at 102 in 2024 and 101 in 2025
Equity clawback:	For up to 35% of the notes at 104.5 prior to May 2, 2024
Pricing date:	Jan. 26

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