By Wendy Van Sickle
Columbus, Ohio, July 29 – Sino-Ocean Group Holding Ltd. wholly owned subsidiary Sino-Ocean Land Treasure IV Ltd. priced $600 million of 4¾% guaranteed notes (expected: Baa3//BBB-) due Aug. 5, 2029 at 98.554 on Monday, according to a notice.
Sino-Ocean guarantees the notes.
HSBC, Goldman Sachs (Asia) LLC, China CITIC Bank International, UBS, China International Capital Corp., BOC International, Barclays, DBS Bank Ltd. and Haitong International are the joint lead managers and bookrunners.
Interest is payable semiannually.
The notes may be redeemed at the option of the issuer in whole but not in part any time prior to May 5, 2029 at a make-whole price plus interest to the redemption date and after May 5, 2029 at par plus interest to the redemption date.
Proceeds from the Regulation S deal will be used mainly to repay existing debt.
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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| Issue: | Guaranteed notes
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| Amount: | $600 million
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| Maturity: | Aug. 5, 2029
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| Bookrunners: | HSBC, Goldman Sachs (Asia) LLC, China CITIC Bank International, UBS, China International Capital Corp., BOC International, Barclays, DBS Bank Ltd. and Haitong International
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| Coupon: | 4¾%, payable semiannually
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| Price: | 98.554
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| Call option: | Before May 5, 2029 at a make-whole price plus interest to the redemption date; after May 5, 2029 at par plus interest to the redemption date
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| Trade date: | July 29
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| Issue date: | Aug. 5
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| Expected ratings: | Moody’s: Baa3
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| Fitch: BBB-
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| Distribution: | Regulation S
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