By Christine Van Dusen
Atlanta, Dec. 7 – Country Garden Holdings Co. Ltd. priced $350 million 10-year notes (expected ratings: Ba1//BB+) at par to yield 5 5/8% on Wednesday, according to a company filing.
The notes were marketed in November and talked at a yield in the 5 5/8% area before being postponed due to market conditions.
Goldman Sachs and JPMorgan were the joint global coordinators, and BNP Paribas, BOC International, Goldman Sachs, HSBC, Huarong Financial and JPMorgan were the joint lead managers and bookrunners for the Regulation S deal.
The proceeds will be 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.
|
| Amount: | $350 million
|
| Maturity: | Dec. 15, 2026
|
| Description: | Senior notes
|
| Bookrunners: | Goldman Sachs, JPMorgan (joint global coordinators); BNP Paribas, BOC International, Goldman Sachs, HSBC, Huarong Financial, JPMorgan
|
| Coupon: | 5 5/8%
|
| Price: | Par
|
| Yield: | 5 5/8%
|
| Call options: | Make-whole call at par
|
| Equity clawback: | 35% at 105.625
|
| Trade date: | Dec. 7
|
| Settlement date: | Dec. 15
|
| Expected ratings: | Moody’s: Ba1
|
| Fitch: BB+
|
| Distribution: | Regulation S
|
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