By Rebecca Melvin
New York, Sept. 14 – CSI Properties Ltd. announced that wholly owned subsidiary Estate Sky Ltd. has priced $200 million senior perpetual capital securities at par to yield 5¾%. The securities will be guaranteed by CSI Properties.
The coupon resets on Sept. 20, 2022 and every five years subsequently to Treasuries plus 700.5 basis points.
DBS Bank Ltd., Hongkong and Shanghai Banking Corp. Ltd., J.P. Morgan Securities plc, UBS AG Hong Kong Branch, AMDT Asset Management Ltd., China Merchants Securities (HK) Co., Ltd. and ICBC International Securities Ltd. will act as agents for the Regulation S offering.
The notes are callable at par on Sept. 20, 2022 and subsequent distribution dates. There is a change of control put at 101%.
Proceeds will be used to refinance debt and for general working capital.
CSI is an investment holding company based in Hong Kong.
| Issuer: | Estate Sky Ltd.
|
| Guarantor: | CSI Properties Ltd.
|
| Amount: | $200 million
|
| Maturity: | Perpetual
|
| Description: | Capital securities
|
| Bookrunners: | DBS Bank Ltd., Hongkong and Shanghai Banking Corp. Ltd., J.P. Morgan Securities plc, UBS AG Hong Kong Branch, AMDT Asset Management Ltd., China Merchants Securities (HK) Co., Ltd. and ICBC International Securities Ltd.
|
| Coupon: | 5¾%, resets on Sept. 20, 2022 and every five years subsequently to Treasuries plus 700.5 bps
|
| Price: | Par
|
| Yield: | 5¾%
|
| Call: | On Sept. 20, 2022 and subsequent distribution dates at par
|
| Change-of-control put: | At 101%
|
| Trade date: | Sept. 13
|
| Settlement date: | Sept. 20
|
| Distribution: | Regulation S
|
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