By Wendy Van Sickle
Columbus, Ohio, June 22 – China’s Shimao Property Holdings Ltd. sold $450 million five-year senior notes (BB/BBB-) at par to yield 4¾% on Thursday, according to a company notice.
CICC HK Securities, HSBC and Morgan Stanley are the joint global coordinators and are joined as joint bookrunners and joint lead managers by Goldman Sachs and UBS.
The notes are non-callable for three years, then will be callable at 102.375 beginning July 3, 2020, stepping down to 101.1875 beginning July 3, 2021. There is an equity clawback for up to 35% of the notes at 104.75 at any time prior to July 3, 2020.
Proceeds will be used to refinance existing debt and for business development and other general corporate purposes.
The real estate development company is based in Hong Kong.
| Issuer: | Shimao Property Holdings Ltd.
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| Amount: | $450 million
|
| Maturity: | July 3, 2022
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| Description: | Senior notes
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| Bookrunners: | CICC HK Securities, HSBC and Morgan Stanley (joint global coordinators) with Goldman Sachs and UBS (additional joint bookrunners, joint lead managers)
|
| Coupon: | 4¾%
|
| Price: | Par
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| Yield: | 4¾%
|
| Call features: | Non-callable for three years, then callable at 102.375 beginning July 3, 2020 and at 101.1875 beginning July 3, 2021
|
| Equity clawback: | For up to 35% at 104.75 at any time prior to July 3, 2020
|
| Trade date: | June 22
|
| Settlement date: | July 3
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| Ratings: | Standard & Poor’s: BB
|
| Fitch: BBB-
|
| Distribution: | Regulation S
|
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