Chicago, Nov. 17 – Wuhan Dangdai Science & Technology Industries (Group) Co. Ltd. subsidiary Dangdai International Investments Ltd. issued $150 million of 9¼% guaranteed notes due 2022, according to an offering memo.
The notes are guaranteed by the parent.
The notes can be redeemed before the maturity date at any point with a make-whole premium calculated at Treasuries plus 100 bps.
CLSA is the global coordinator, bookrunner and lead manager.
Proceeds will be used to refinance certain debt and for general corporate purposes, including to replenish working capital.
Based in Wuhan, China, Dangdai is a conglomerate with a substantial medical and pharmaceutical portfolio.
| Issuer: | Dangdai International Investments Ltd.
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| Guarantor: | Wuhan Dangdai Science & Technology Industries (Group) Co. Ltd.
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| Issue: | Guaranteed notes
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| Amount: | $150 million
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| Maturity: | Nov. 15, 2022
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| Bookrunners: | CLSA
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| Trustee: | Bank of New York Mellon, London Branch
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| Counsel to issuer: | Linklaters, JunHe LLP, Ogier
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| Counsel to bookrunners: | White & Case, Global Law Office
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| Coupon: | 9¼%
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| Price: | Par
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| Yield: | 9¼%
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| Call features: | Make-whole call at any time at par plus make-whole premium of Treasuries plus 100 bps
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| Equity clawback: | Up to 35% at 109.25
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| Change of control: | At 101
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| Trade date: | Nov. 11
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| Settlement date: | Nov. 16
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| Distribution: | Regulation S
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| ISIN: | XS2408455553
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