By Angela McDaniels
Tacoma, Wash., May 15 - Country Garden Holdings Co. Ltd. priced $550 million of 7 7/8% senior notes due 2019 (expected: Ba2/BB/BB+) at 98.989, according to a company announcement.
Yield talk was in the area of 8 3/8%, according to a market source.
Goldman Sachs (Asia) LLC and J.P. Morgan Securities plc are the joint global coordinators for the Rule 144A and Regulation S deal and are joined by BOCI Asia Ltd. and Hongkong and Shanghai Banking Corp. Ltd. as joint lead managers and joint bookrunners.
The notes are callable at par plus a premium in years one through three, at 103.9375 in year four and at 101.96875 in year five. There is also an equity clawback call option during the first three years for up to 35% of the notes at 107.875.
Proceeds will be used to refinance the company's $550 million 11¼% senior notes due 2017 and for general corporate purposes.
Country Garden is a Foshan, China-based real estate developer focused on large-scale residential communities.
| Issuer: | Country Garden Holdings Co. Ltd.
|
| Issue: | Senior notes
|
| Amount: | $550 million
|
| Proceeds: | $544,439,500
|
| Maturity: | May 27, 2019
|
| Coupon: | 7 7/8%
|
| Price: | 98.989
|
| Bookrunners: | Goldman Sachs (Asia) LLC, J.P. Morgan Securities plc (global coordinators), BOCI Asia Ltd. and Hongkong and Shanghai Banking Corp. Ltd.
|
| Call option: | At par plus premium in years one through three, at 103.9375 in year four and at 101.96875 in year five
|
| Equity clawback: | For up to 35% of notes at 107.875 in years one through three
|
| Pricing date: | May 15
|
| Settlement date: | May 27
|
| Provisional ratings: | Moody's: Ba2
|
| Standard & Poor's: BB
|
| Fitch: BB+
|
| Distribution: | Rule 144A and Regulation S
|
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