By Taylor Fox
Chicago, July 29 – Country Garden Holdings Co. Ltd. priced a combined $1 billion of senior notes in tranches due 2026 and 2030 in a Regulation S transaction, according to a news release from the issuer.
Specifically, the issuer sold $500 million of 4.2% senior notes due 2026 at par and $500 million of 4.8% senior notes due 2030 at par.
Morgan Stanley & Co. International plc, J.P. Morgan Securities plc, Goldman Sachs (Asia) LLC, UBS AG Hong Kong Branch, Standard Chartered Bank and CLSA Ltd. are joint global coordinators, joint lead managers and joint bookrunners.
The 2026 notes are callable beginning Feb. 6, 2024 at 102.1 and on Feb. 6, 2024 and thereafter at 101.05.
The 2030 notes are callable on Aug. 6, 2025 at 102.4, on Aug. 6, 2026 at 101.2, on Aug. 6, 2027 at 100.6 and on Aug. 6, 2028 and thereafter at par.
Country Garden intends to use the net proceeds from the notes for refinancing existing medium- to long-term offshore debt, which will become due within one year.
Country Garden is a Foshan, China, real estate developer.
| Issuer: | Country Garden Holdings Co. Ltd.
|
| Issue: | Senior notes
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| Amount: | $1 billion
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| Bookrunners: | Morgan Stanley & Co. International plc, J.P. Morgan Securities plc, Goldman Sachs (Asia) LLC, UBS AG Hong Kong Branch, Standard Chartered Bank and CLSA Ltd.
|
| Pricing date: | July 28
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| Settlement date: | Aug. 6
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| Rating: | Fitch: BBB-
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| Distribution: | Regulation S
|
|
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| Notes due 2026
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| Amount: | $500 million
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| Maturity: | 2026
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| Coupon: | 4.2%
|
| Price: | Par
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| Yield: | 4.2%
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| Call: | Beginning Feb. 6, 2024 at 102.1 and on Feb. 6, 2024 and thereafter at 101.05
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|
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| Notes due 2030
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| Amount: | $500 million
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| Maturity: | 2030
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| Coupon: | 4.8%
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| Price: | Par
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| Yield: | 4.8%
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| Call: | On Aug. 6, 2025 at 102.4, on Aug. 6, 2026 at 101.2, on Aug. 6, 2027 at 100.6 and on Aug. 6, 2028 and thereafter at par
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