By Marisa Wong
Morgantown, W.Va., Dec. 9 – Golden Wheel Tiandi Holdings Co. Ltd. placed HK$285.5 million of 10.9% three-year bonds on a best-efforts basis, according to a company announcement.
Of the placement amount, HK$117 million is comprised of underwritten shortfall bonds.
Convoy Collateral Ltd. is the underwriter, and Convoy Asset Management Ltd. is the placing agent.
In September the company announced it planned to place up to HK$500 million of bonds in two tranches, with the first tranche capped at HK$150 million and the second tranche capped at HK$350 million. Out of the second tranche, the underwriter agreed to underwrite up to HK$250 million of shortfall bonds.
The first tranche was to be completed in October. The placement period for the second tranche closed on Monday and is expected to settle on Thursday.
Proceeds will be used to refinance existing debt and for general corporate purposes.
The company said that with its recent issuance of dollar-denominated notes and its healthy level of working capital and cash flow, the decrease in the amount of underwritten shortfall bonds will not have any adverse effect on its financial position as a whole.
Earlier this month the company priced $100 million of 9½% senior notes due 2017, as previously reported.
Golden Wheel Tiandi is a Hong Kong-based commercial and residential property developer, owner and operator that focuses on projects in Jiangsu and Hunan provinces that are physically connected or in close proximity to metro stations or other transportation hubs.
| Issuer: | Golden Wheel Tiandi Holdings Co. Ltd.
|
| Issue: | Bonds
|
| Amount: | HK$285.5 million, including HK$117 million underwritten bonds
|
| Maturity: | Three years
|
| Coupon: | 10.9%
|
| Underwriter: | Convoy Collateral Ltd.
|
| Placing agent: | Convoy Asset Management Ltd.
|
| Settlement date: | Dec. 10
|
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