Chicago, March 9 – Dangdai International Investments Ltd. sold $200 million of 9% guaranteed senior notes due 2023 at par, according to an offering memo.
The Regulation S notes are guaranteed by parent Wuhan Dangdai Science & Technology Industries (Group) Ltd.
The notes are callable at any time at par plus a make-whole premium to Treasuries plus 100 basis points.
The global coordinator, bookrunner and lead manager is CLSA.
Proceeds will be used to refinance certain debt of the group and for general corporate purposes, including without limitations, to replenish working capital.
Based in Wuhan, China, Dangdai is a conglomerate with a substantial medical and pharmaceutical portfolio.
| Issuer: | Dangdai International Investments Ltd.
|
| Guarantor: | Wuhan Dangdai Science & Technology Industries (Group) Ltd.
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| Amount: | $200 million
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| Issue: | Guaranteed senior notes
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| Maturity: | March 7, 2023
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| Bookrunner: | CLSA
|
| 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 underwriter: | White & Case, Global Law Office
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| Coupon: | 9%
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| Price: | Par
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| Yield: | 9%
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| Call features: | Make-whole call at Treasuries plus 100 bps
|
| Change of control: | At 101
|
| Equity clawback: | Up to 35% at 109
|
| Trade date: | March 3
|
| Settlement date: | March 8
|
| Distribution: | Regulation S
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| ISIN: | XS2453127172
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