Published on 2/19/2020 in the Prospect News Emerging Markets Daily.
New Issue: China South City sells $225 million 10 7/8% notes due 2022 at 97.073
Chicago, Feb. 19 – China South City Holdings Ltd. sold $225 million 10 7/8% senior notes (//B) due June 26, 2022 at 97.073, according to an announcement on Wednesday.
There is a make-whole call for the notes any time prior to June 26, 2022.
UBS AG Hong Kong Branch, Barclays Bank plc, Credit Suisse (Hong Kong) Ltd., Guotai Junan Securities (Hong Kong) Ltd. and Haitong International Securities Co. Ltd. are joint global coordinators, joint bookrunners and joint lead managers for the Regulation S notes.
BOCI Asia Ltd., CCB International Capital Ltd., China Everbright Bank Co., Ltd., Hong Kong Branch, CMB International Capital Ltd., HeungKong Securities Ltd., Kaisa Financial Group Co. Ltd. and Orient Securities (Hong Kong) Ltd. are also joint bookrunners and joint lead managers.
Proceeds will be used to refinance existing debt and for general corporate purposes.
China South City is based in Hong Kong and develops and operates large-scale, integrated logistics and trade centers in China.
| Issuer: | China South City Holdings Ltd.
|
| Issue: | Senior notes
|
| Amount: | $225 million
|
| Maturity: | June 26, 2022
|
| Joint global coordinators: | UBS AG Hong Kong Branch, Barclays Bank plc, Credit Suisse (Hong Kong) Ltd., Guotai Junan Securities (Hong Kong) Ltd. and Haitong International Securities Co. Ltd.
|
| Joint bookrunners: | UBS AG Hong Kong Branch, Barclays Bank plc, Credit Suisse (Hong Kong) Ltd., Guotai Junan Securities (Hong Kong) Ltd., Haitong International Securities Co. Ltd., BOCI Asia Ltd., CCB International Capital Ltd., China Everbright Bank Co., Ltd., Hong Kong Branch, CMB International Capital Ltd., HeungKong Securities Ltd., Kaisa Financial Group Co. Ltd. and Orient Securities (Hong Kong) Ltd.
|
| Coupon: | 10 7/8%
|
| Price: | 97.073
|
| Call: | Make-whole any time before June 26, 2022 at par plus premium plus interest
|
| Equity clawback: | Up to 35% before June 26, 2022 at 110.875
|
| Pricing date: | Feb. 19
|
| Settlement date: | Feb. 26
|
| Rating: | Fitch: B
|
| Distribution: | Regulation S
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