New York, Sept. 19 – Country Garden Holdings Co. Ltd. priced $975 million of senior notes in tranches due 2022 and 2024, according to an announcement.
The company priced $425 million of 7 1/8% senior notes due January 2022 at par and $550 million of 8% senior notes due January 2024 at par.
Goldman Sachs, JPMorgan, BNP Paribas and HSBC are the joint bookrunners and joint lead managers for the Regulation S sale. Goldman Sachs and JPMorgan are also the joint global coordinators.
Fine Nation, owned by company chairman Yeung Kwok Keung, purchased $60 million of the January 2024 notes.
Proceeds from the offering will be used mainly to refinance existing debt.
Country Garden is a Foshan, China, real estate developer.
| Issuer: | Country Garden Holdings Co. Ltd.
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| Issue: | Senior notes
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| Amount: | $975 million
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| Bookrunners: | Goldman Sachs, JPMorgan (global coordinators), BNP Paribas and HSBC
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| Pricing date: | Sept. 19
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| Distribution: | Regulation S
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| Four-year notes
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| Amount: | $425 million
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| Maturity: | January 2022
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| Coupon: | 7 1/8%
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| Price: | Par
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| Call: | Make-whole call before Sept. 27, 2020, then at 103.5625
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| Equity clawback: | For up to 35% at 107.125 before Sept. 27, 2020
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| Six-year notes
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| Amount: | $550 million
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| Maturity: | January 2024
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| Coupon: | 8%
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| Price: | Par
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| Call: | Make-whole call before Sept. 27, 2021, then at 104
|
| Equity clawback: | For up to 35% at 108 before Sept. 27, 2021
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