By Christine Van Dusen
Atlanta, Feb. 3 – China’s Shimao Property Holdings Ltd. sold $800 million seven-year senior notes (expected ratings: Ba3/BB-/BB+) at par to yield 8 3/8% on Tuesday, a market source said.
The notes were talked at a yield in the 8½% area.
HSBC, Standard Chartered Bank, Goldman Sachs and UBS were the joint global coordinators and along with JPMorgan, Morgan Stanley, CLSA Ltd. were joint bookrunners and joint lead managers, according to a filing with the Singapore Exchange.
The proceeds will be used to refinance the group’s existing debt, including the redemption of the 11% senior notes due 2018, and for other general corporate purposes to enhance its liquidity position.
The company redeemed its outstanding 9.65% senior notes due 2017 in full last summer.
The real estate development company is based in Hong Kong.
| Issuer: | Shimao Property Holdings Ltd.
|
| Amount: | $800 million
|
| Maturity: | Feb. 10, 2022
|
| Description: | Senior notes
|
| Bookrunners: | HSBC, Standard Chartered Bank, Goldman Sachs and UBS (joint global coordinators) with JPMorgan, Morgan Stanley, CLSA Ltd. (additional joint bookrunners, joint lead managers)
|
| Coupon: | 8 3/8%
|
| Price: | Par
|
| Yield: | 8 3/8%
|
| Call features: | Non-callable for four years
|
| Trade date: | Feb. 3
|
| Settlement date: | Feb. 10
|
| Expected ratings: | Moody’s: Ba3
|
| Standard & Poor’s: BB-
|
| Fitch: BB+
|
| Distribution: | Regulation S
|
| Price talk: | 8½% area
|
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