Chicago, Sept. 7 – KWG Group Holdings Ltd. sold a $100 million add-on to its issue of 5.95% senior notes due 2025 at 98.118, according to an announcement.
The notes will be consolidated and form a single series with the $200 million of notes issued on Aug. 10, 2020.
Previously reported with the original issue, there is a make-whole call until Aug. 10, 2023. After Aug. 10, 2023 the notes can be redeemed at 102.975 and then after Aug. 10, 2024 at 101.4875. There can be a clean-up call if not more than 10% of the notes remain outstanding.
China Citic Bank International Ltd., Guotai Junan Securities (Hong Kong) Ltd., Haitong International Securities Co. Ltd., HSBC Ltd. and Standard Chartered Bank have been appointed as the joint global coordinators for the add-on.
CMBC Securities Co. Ltd., Credit Suisse (Hong Kong) Ltd., J.P. Morgan Securities plc, Bank of East Asia, Ltd. and UBS AG Hong Kong Branch are joint lead managers and joint bookrunners, with the joint global coordinators.
Proceeds will be used to refinance existing medium- to long-term offshore debt that is due within one year.
KWG Property is a developer based in Guangzhou, China.
| Issuer: | KWG Group Holdings Ltd.
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| Issue: | Senior notes
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| Amount: | $100 million
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| Maturity: | Aug. 10, 2025
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| Bookrunners: | China Citic Bank International Ltd., Guotai Junan Securities (Hong Kong) Ltd., Haitong International Securities Co. Ltd., HSBC Ltd., Standard Chartered Bank, CMBC Securities Co. Ltd., Credit Suisse (Hong Kong) Ltd., J.P. Morgan Securities plc, Bank of East Asia, Ltd. and UBS AG Hong Kong Branch
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| Coupon: | 5.95%
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| Price: | 98.118
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| Call option: | Make-whole call prior to Aug. 10, 2023; in whole or in part at 102.975 beginning Aug. 10, 2023, at 101.4875 beginning Aug. 10, 2024
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| Equity clawback: | For up to 35% of notes at 105.95 prior to Aug. 10, 2023
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| Pricing date: | Sept. 6
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| Distribution: | Regulation S
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| Original issue: | $200 million of notes sold Aug. 10, 2020
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