New Issue: China’s KWG Group prices $400 million 6.3% notes due 2026 at par

By Marisa Wong

Los Angeles, Nov. 9 – KWG Group Holdings Ltd. priced $400 million of 6.3% senior notes due Feb. 13, 2026 at par, according to a company announcement.

Merrill Lynch (Asia Pacific) Ltd., China Citic Bank International Ltd., CMBC Securities Co. Ltd., Goldman Sachs (Asia) LLC, Guotai Junan Securities (Hong Kong) Ltd., Haitong International Securities Co. Ltd., J.P. Morgan Securities plc and Standard Chartered Bank are the joint global coordinators, joint lead managers and joint bookrunners for the Regulation S notes (//BB-).

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

Some subsidiaries of the company will guarantee the notes.

KWG Property is a property developer based in Guangzhou, China.

Issuer:	KWG Group Holdings Ltd.
Issue:	Senior notes
Amount:	$400 million
Maturity:	Feb. 13, 2026
Bookrunners:	Merrill Lynch (Asia Pacific) Ltd., China Citic Bank International Ltd., CMBC Securities Co. Ltd., Goldman Sachs (Asia) LLC, Guotai Junan Securities (Hong Kong) Ltd., Haitong International Securities Co. Ltd., J.P. Morgan Securities plc and Standard Chartered Bank
Coupon:	6.3%
Price:	Par
Yield:	6.3%
Call options:	In whole but not in part at make-whole price prior to Feb. 13, 2024; in whole or in part at 103.15 beginning Feb. 13, 2024 and at 101.575 beginning Feb. 13, 2025; clean-up call at par if no more than 10% of notes remain outstanding
Equity clawback:	For up to 35% of notes at 106.3 at any time prior to Feb. 13, 2024
Pricing date:	Nov. 6
Rating:	Fitch: BB-
Distribution:	Regulation S

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