Chicago, July 19 – China’s Huijing Holdings Co. Ltd. sold $23 million 12½% senior notes due 2022 (Lianhe: B+) at par, according to a notice.
The new notes sold will be combined with $115 million of notes issued as part of a concurrent exchange offer for a total issue size of $138 million.
The notes had been announced as having a minimum coupon of 12½%.
The notes will be redeemable at any time at par plus an applicable premium, plus interest.
The company appointed CMB International Capital Ltd. as global coordinator and placing agent.
Proceeds from the new issue will be used for refinancing of certain debt and for general corporate purposes.
The new notes and the notes issued in the exchange offer will be consolidated and form a single series.
Huijing is a Shanghai-based commercial and residential property developer.
| Issuer: | Huijing Holdings Co. Ltd.
|
| Issue: | Senior notes
|
| Amount: | $138 million, including $115 million issued via exchange offer
|
| Maturity: | July 21, 2022
|
| Bookrunner: | CMB International Capital Ltd.
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| Co-managers: | China Merchants Securities (HK) Co. Ltd., Freeman Securities Ltd. and GF Securities (Hong Kong) Brokerage Ltd.
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| Coupon: | 12½%
|
| Price: | Par
|
| Yield: | 12½%
|
| Call features: | At par plus a premium at any time
|
| Equity clawback: | Up to 35% at 112.5
|
| Trade date: | July 19
|
| Settlement date: | July 22
|
| Rating: | Lianhe: B+
|
| Distribution: | Regulation S
|
| Price talk: | 12½%
|
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