By William Gullotti
Buffalo, N.Y., Jan. 28 – Sino-Ocean Group Holding Ltd. wholly owned subsidiary Sino-Ocean Land Treasure IV Ltd. priced a $200 million add-on to its 2.7% guaranteed green notes due Jan. 13, 2025 (Baa3//BBB-/Chengxin: BBBg+) at 90.252, according to an announcement on Friday.
The notes are guaranteed by the parent and will be consolidated to form a single series with the $320 million issued July 13, 2021.
As with the initial issue, the notes can be redeemed early with a make-whole price before Dec. 13, 2024. After that date, the notes can be redeemed at par plus interest.
Joint lead managers are HSBC, UBS, China International Capital Corp. China Citic Bank International, Citigroup, Credit Suisse, Bank of East Asia, Ltd., Shanghai Pudong Development Bank Hong Kong Branch, China Everbright Bank Hong Kong Branch, CMB Wing Lung Bank Ltd., Haitong International, ABC International and Huarong International Securities.
Proceeds from the additional Regulation S issue will be used to repay existing medium- and long-term debt of the company and/or its subsidiaries due within one year, in accordance with the green finance framework of the group.
Application will be made to the Hong Kong Exchange to list the add-on.
The property developer is based in Hong Kong.
| Issuer: | Sino-Ocean Land Treasure IV Ltd.
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| Guarantor: | Sino-Ocean Group Holding Ltd.
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| Amount: | $200 million
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| Issue: | Guaranteed green notes add-on
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| Maturity: | Jan. 13, 2025
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| Bookrunners: | HSBC, UBS, China International Capital Corp. China Citic Bank International, Citigroup, Credit Suisse, Bank of East Asia, Ltd., Shanghai Pudong Development Bank Hong Kong Branch, China Everbright Bank Hong Kong Branch, CMB Wing Lung Bank Ltd., Haitong International, ABC International and Huarong International Securities
|
| Trustee: | Bank of New York Mellon, London Branch
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| Coupon: | 2.7%
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| Price: | 90.252
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| Call features: | Make-whole call until Dec. 13, 2024; thereafter at par
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| Trade date: | Jan. 27
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| Ratings: | Moody’s: Baa3
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| Fitch: BBB-
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| Chengxin: BBBg+
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| Distribution: | Regulation S
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| Total issuance: | $520 million, including $320 million issued July 13, 2021
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