By Angela McDaniels
Tacoma, Wash., Feb. 26 – Country Garden Holdings Co. Ltd. priced $900 million of 7˝% senior notes (Ba2/BB+/BB+) due 2020 at par, according to a company announcement.
The company set initial talk at 7 7/8%, a market source said.
J.P. Morgan Securities plc, Goldman Sachs (Asia) LLC, Hongkong and Shanghai Banking Corp. Ltd., Deutsche Bank AG, Singapore Branch, CLSA and Wing Lung Bank Ltd. are the bookrunners for the Regulation S deal.
The notes are callable at par plus the applicable premium in years one through year, at 103.75 in year four and at 101.875 in year five. Prior to March 9, 2018, there is an equity claw-back option at 107.5% for up 35% of the notes.
The proceeds will be used to refinance the company’s $900 million 11 1/8% senior notes due 2018 and for other debt.
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: | $900 million
|
| Maturity: | March 9, 2020
|
| Bookrunners: | J.P. Morgan Securities plc, Goldman Sachs (Asia) LLC, Hongkong and Shanghai Banking Corp. Ltd., Deutsche Bank AG, Singapore Branch, CLSA and Wing Lung Bank Ltd.
|
| Coupon: | 7˝%
|
| Price: | Par
|
| Yield: | 7˝%
|
| Pricing date: | Feb. 26
|
| Settlement date: | March 9
|
| Ratings: | Moody’s: Ba2
|
| Standard & Poor’s: BB+
|
| Fitch: BB+
|
| Distribution: | Regulation S
|
| Talk: | 7 7/8%
|
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