By Marisa Wong
Madison, Wis., Jan. 3 - Country Garden Holdings Co. Ltd. announced that it priced $750 million of 7½% senior notes on Thursday.
The 10-year notes priced at par via bookrunners Goldman Sachs, JPMorgan, BOC International and ICBC International Capital Ltd.
The notes are callable at any time after five years.
The company said it will use a portion of the proceeds, about RMB 957.2 million, to redeem its renminbi-denominated dollar-settled 2.5% convertible bonds due 2013 when they mature. The remaining balance will be used to fund new and existing projects and for general corporate purposes.
The notes are expected to be issued on Jan. 10.
Country Garden is a Foshan, China-based real-estate developer.
| Issuer: | Country Garden Holdings Co. Ltd.
|
| Issue: | Senior notes
|
| Amount: | $750 million
|
| Maturity: | Jan. 10, 2023
|
| Coupon: | 7½%
|
| Price: | Par
|
| Yield: | 7½%
|
| Call option: | At any time beginning Jan. 10, 2018; redemption price is 103.75 in 2018, stepping down to 102.5 in 2019, to 101.25 in 2020 and to par 2021 and after
|
| Bookrunners: | Goldman Sachs, JPMorgan, BOC International and ICBC International Capital Ltd.
|
| Pricing date: | Jan. 3
|
| Settlement date: | Jan. 10
|
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