Chicago, Feb. 20 – Shui On Land Ltd. priced $400 million 5½% notes due March 3, 2025 at par, according to a company filing.
UBS AG Hong Kong Branch is acting as the global coordinator and joint bookrunner for the Regulation S notes.
Standard Chartered Bank joins as joint bookrunner.
The notes have a make-whole call until March 3, 2023.
Proceeds will be used to pay the cash portion of an exchange and tender offer for the company’s 5.7% and 6¼% senior notes. Any leftover proceeds will be used for repaying debt and for general corporate purposes.
The notes are being issued by subsidiary Shui On Development (Holding) Ltd. and guaranteed by the company.
Shui On Land is a Hong Kong-based property development company.
| Issuer: | Shui On Development (Holding) Ltd.
|
| Guarantor: | Shui On Land Ltd.
|
| Amount: | $400 million
|
| Maturity: | March 3, 2025
|
| Description: | Bonds
|
| Joint global coordinator: | UBS AG Hong Kong Branch
|
| Bookrunners: | UBS AG Hong Kong Branch and Standard Chartered Bank
|
| Coupon: | 5½%
|
| Price: | Par
|
| Yield: | 5¾%
|
| Call: | Make-whole call for first three years
|
| Equity clawback: | 35% at 105.5
|
| Trade date: | Feb 20
|
| Distribution: | Regulation S
|
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