Chicago, May 19 – China’s Country Garden Holdings Co. Ltd. priced $544 million 5.4% senior notes (BBB-) due 2025 at par, according to a notice.
Morgan Stanley, Goldman Sachs (Asia) LLC, BNP Paribas, HSBC and UBS AG Hong Kong Branch are joint global coordinators, joint lead mangers and joint bookrunners for the Regulation S offering.
Fine Nation Group Ltd., a connected entity, has purchased $50 million of the notes.
Proceeds will be used to refinance existing medium- to long-term offshore debt, which will become due in the next year.
Country Garden is a Foshan, China, real estate developer.
| Issuer: | Country Garden Holdings Co. Ltd.
|
| Issue: | Senior notes
|
| Amount: | $544 million
|
| Bookrunners: | Morgan Stanley, Goldman Sachs (Asia) LLC, BNP Paribas, HSBC and UBS AG Hong Kong Branch
|
| Coupon: | 5.4%
|
| Price: | Par
|
| Call option: | Make-whole call until May 27, 2023; at 102.7 from May 27, 2023 and at 101.35 from May 27, 2024
|
| Equity clawback: Up to 35% at 105.4 before May 27, 2023
|
| Pricing date: | May 19
|
| Settlement date: | May 27
|
| Rating: | Fitch: BBB-
|
| Distribution: | Regulation S
|
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