By Wendy Van Sickle
Columbus, Ohio, Sept. 20 – Country Garden Holdings Co. Ltd. priced $650 million of 4¾% senior notes (Ba1/BB+) due 2023 at 98.539 to yield 5%, according to a company announcement.
BNP Paribas, J.P. Morgan Securities plc, Goldman Sachs (Asia) LLC, BOCI Asia Ltd. and Hongkong and Shanghai Banking Corp. Ltd. are the bookrunners for the Regulation S deal.
The notes are callable at 102.375 in the year beginning Sept. 28, 2020 at 101.1875 in the year beginning Sept. 28, 2021 and at par in the year beginning Sept. 28, 2022. Prior to Sept. 28, 2020, there is an equity claw-back option at 104.75% for up 35% of the notes.
The proceeds will be used to refinance used to refinance existing debt 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
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| Amount: | $650 million
|
| Maturity: | Sept. 28, 2023
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| Bookrunners: | BNP Paribas, J.P. Morgan Securities plc, Goldman Sachs (Asia) LLC, BOCI Asia Ltd. and Hongkong and Shanghai Banking Corp. Ltd.
|
| Coupon: | 4¾%
|
| Price: | 98.539
|
| Yield: | 5%
|
| Pricing date: | Sept. 20
|
| Settlement date: | Sept. 28
|
| Ratings: | Moody’s: Ba1
|
| Fitch: BB+
|
| Distribution: | Regulation S
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