By Wendy Van Sickle
Columbus, Ohio, July 22 – KWG Group Holdings Ltd. priced $300 million of 7.4% senior notes due March 5, 2024 at 99.819, according to a company announcement.
The bookrunners for the Regulation S notes (//BB-) are Haitong International, JPMorgan and Standard Chartered Bank.
The notes are callable in whole but not in part at par plus a premium prior to March 5, 2022. They will be callable in whole or in part at 103.7% of par beginning March 5, 2022 and at 101.85% of par beginning March 5, 2023. The company has an equity clawback option for up to 35% of the notes at 107.4 prior to March 5, 2022. It also has a clean-up call at par if no more than 10% of the notes remain outstanding.
Proceeds will be used to refinance debt.
Some subsidiaries of the company will guarantee the notes.
KWG Property is a developer based in Guangzhou, China.
| Issuer: | KWG Group Holdings Ltd.
|
| Issue: | Senior notes
|
| Amount: | $300 million
|
| Maturity: | March 5, 2024
|
| Bookrunners: | Haitong International, JPMorgan and Standard Chartered Bank
|
| Coupon: | 7.4%
|
| Price: | 99.819
|
| Call option: | In whole but not in part at par plus a premium prior to March 5, 2022; in whole or in part at 103.7 beginning March 5, 2022 and at 101.85 beginning March 5, 2023; clean-up call at par if no more than 10% of notes remain outstanding
|
| Equity clawback: | For up to 35% of notes at 107.4 prior to March 5, 2022
|
| Pricing date: | July 22
|
| Rating: | Fitch: BB-
|
| Distribution: | Regulation S
|
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