By Wendy Van Sickle
Columbus, Ohio, Jan. 9 – China’s Country Garden Holdings Co. Ltd. priced $850 million of senior notes (BBB-) in two tranches on Tuesday, according to a company notice.
The company priced $250 million of 4¾% notes due 2023 at par.
It also priced $600 million of 5 1/8% notes due 2025 at 99.565.
The 2023 notes have a make-whole call for the first three years, then become callable at 102.375 in 2021 and at 101.1875 in 2022. Prior to Jan. 17, 2021, there is an equity claw-back option at 104.75 for up 35% of the 2023 notes.
The 2025 notes have a make-whole call for the first four years, then become callable at 102.5625 in 2022, at 101.28125 in 2023 and at par in 2024. Prior to Jan. 17, 2022, there is an equity claw-back option at 105.125 for up 35% of the 2025 notes.
Goldman Sachs (Asia) LLC, J.P. Morgan, BNP Paribas and BOC International acted as bookrunners for the Regulation S deal.
The proceeds will be used to redeem the issuer’s 2023 notes and for general corporate purposes.
The real estate developer is based in Foshan, China.
| Issuer: | Country Garden Holdings Co. Ltd.
|
| Description: | Senior notes
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| Amount: | $850 million
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| Bookrunners: | Goldman Sachs (Asia) LLC, J.P. Morgan, BNP Paribas and BOC International
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| Trade date: | Jan. 9
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| Settlement date: | Jan. 17
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| Ratings: | Fitch: BBB-
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| Distribution: | Regulation S
|
|
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| 2023 notes
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| Amount: | $250 million
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| Maturity: | Jan. 17, 2023
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| Coupon: | 4¾%
|
| Price: | Par
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| Call options: | Make-whole call for first three years, then at 102.375 in 2021 and at 101.1875 in 2022
|
| Equity clawback: | 35% at 104.75 prior to Jan. 17, 2021
|
|
|
| 2025 notes
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| Amount: | $600 million
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| Maturity: | Jan. 17, 2025
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| Coupon: | 5 1/8%
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| Price: | 99.565
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| Call options: | Make-whole call for first four years, then at 102.5625 in 2022, at 101.28125 in 2023 and at par in 2024
|
| Equity clawback: | 35% at 105.125 prior to Jan. 17, 2022
|
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