Published on 1/6/2021 in the Prospect News Emerging Markets Daily.
New Issue: China’s Redsun prices $350 million 7.3% notes due 2025 at 99.32
New York, Jan. 6 – Redsun Properties Group Ltd. priced $350 million of 7.3% senior notes due 2025 at 99.32, according to a company announcement.
China International Capital Corp. Hong Kong Securities Ltd., Deutsche Bank AG, Singapore Branch, Credit Suisse (Hong Kong) Ltd., UBS AG Hong Kong Branch, CCB International Capital Ltd., China CITIC Bank International Ltd., CMB International Capital Ltd., Guotai Junan International, Haitong International Securities Co. Ltd., HSBC, J.P. Morgan Securities Ltd., Morgan Stanley & Co. International plc, Nomura International (Hong Kong) Ltd. and Standard Chartered Bank were the bookrunners.
Proceeds of the Regulation S offering will be used to refinance offshore debt that will become due within one year.
Nanjing, China-based Redsun is a real estate developer.
| Issuer: | Redsun Properties Group Ltd.
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| Issue: | Senior notes
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| Amount: | $350 million
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| Maturity: | Jan. 13, 2025
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| Coupon: | 7.3%
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| Price: | 99.32
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| Call: | Make-whole call until Jan. 13, 2023, then at 103, declining to 101.5 on Jan. 13, 2024
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| Equity clawback: | For 35% at 107.3 before Jan. 13, 2023
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| Bookrunners: | China International Capital Corp. Hong Kong Securities Ltd., Deutsche Bank AG, Singapore Branch, Credit Suisse (Hong Kong) Ltd., UBS AG Hong Kong Branch, CCB International Capital Ltd., China CITIC Bank International Ltd., CMB International Capital Ltd., Guotai Junan International, Haitong International Securities Co. Ltd., HSBC, J.P. Morgan Securities Ltd., Morgan Stanley & Co. International plc, Nomura International (Hong Kong) Ltd. and Standard Chartered Bank
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| Pricing date: | Jan. 6
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| Ratings: | Moody’s: B3
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| Fitch: B+
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| Lianhe: BB-
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| Distribution: | Regulation S
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| Trustee: | Bank of New York Mellon, London Branch
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