By Sarah Lizee
Olympia, Wash., May 28 – Agile Group Holdings Ltd. priced $600 million of senior perpetual capital securities (Ba3) at par on Monday, according to an announcement.
BOCI Asia Ltd., CLSA Ltd., Guotai Junan Securities (Hong Kong) Ltd., HeungKong Securities Ltd., HSBC, Orient Securities (Hong Kong) Ltd. and UBS AG Hong Kong Branch are the joint global coordinators, joint bookrunners and joint lead managers for the issue.
Interest will be 8 3/8% until the first reset date of Dec. 4, 2023. After that, it will be equal to the applicable treasury rate on the relevant reset date plus 625.4 basis points plus 5% per year, to be reset each five years.
The securities may be redeemed in whole but not in part on or after the first reset date at par plus accrued interest to the redemption date.
Proceeds will be used for refinancing debt.
Agile is a Hong Kong-based property developer.
| Issuer: | Agile Group Holdings Ltd.
|
| Issue: | Senior perpetual capital securities
|
| Amount: | $600 million
|
| Maturity: | Perpetual
|
| Bookrunners: | BOCI Asia Ltd., CLSA Ltd., Guotai Junan Securities (Hong Kong) Ltd., HeungKong Securities Ltd., HSBC, Orient Securities (Hong Kong) Ltd. and UBS AG Hong Kong Branch
|
| Coupon: | 8 3/8% until Dec. 4, 2023; after that, applicable treasury rate on the relevant reset date plus 625.4 basis points plus 5% per year, to be reset each five years
|
| Price: | Par
|
| Call: | May be redeemed in whole but not in part on or after the first reset date at par plus accrued interest to the redemption date
|
| Trade date: | May 27
|
| Settlement date: | June 4
|
| Expected rating: | Moody’s: Ba3
|
| Distribution: | Regulation S
|
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