By Christine Van Dusen
Atlanta, Aug. 4 - Hong Kong's Country Garden Holdings Co. Ltd. priced $400 million 10½% notes due 2015 (Ba3/BB-/) at 99.052 to yield 10¾%, or Treasuries plus 915.4 basis points, a market source said.
Goldman Sachs and JPMorgan were the bookrunners for the Regulation S-only deal.
Proceeds will be used to refinance remaining renminbi-denominated, dollar-settled 2½% convertible bonds due 2013 and to fund existing and new property projects.
Country Garden Holdings is a property developer.
| Issuer: | Country Garden Holdings Co. Ltd.
|
| Amount: | $400 million
|
| Maturity: | 2015
|
| Description: | Senior notes
|
| Bookrunners: | Goldman Sachs, JPMorgan
|
| Coupon: | 10½%
|
| Price: | 99.052
|
| Yield: | 10¾%
|
| Spread: | Treasuries plus 915.4 bps
|
| Trade date: | Aug. 4
|
| Settlement date: | Aug. 11
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: BB-
|
| Distribution: | Regulation S
|
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