By Wendy Van Sickle
Columbus, Ohio, Jan. 17 – Country Garden Holdings Co. Ltd. priced on Thursday $1 billion of senior notes in tranches due 2022 and 2024, the latter of which was an add-on to a 2018 issue, according to an announcement.
The company priced $550 million of new 7 1/8% senior notes due in April 2022 at par and a $450 million tap of 8% senior notes due January 2024 at 98.985.
UBS, Goldman Sachs, HSBC and JPMorgan are the joint bookrunners and joint lead managers for the Regulation S sale of new and add-on notes. UBS and Goldman Sachs are also the joint global coordinators.
The company priced the original $550 million of 8% notes in September.
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: | $1 billion
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| Bookrunners: | UBS and Goldman Sachs (global coordinators), HSBC and JPMorgan
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| Pricing date: | Jan. 17
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| Settlement date: | Jan. 25
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| Distribution: | Regulation S
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| New 2022 notes
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| Amount: | $550 million
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| Maturity: | April 25, 2022
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| Coupon: | 7 1/8%
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| Price: | Par
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| Call: | Make-whole call before Jan. 25, 2021, then at 103.5625
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| Equity clawback: | For up to 35% at 107.125 before Jan. 25, 2021
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| 2024 add-on notes
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| Amount: | $450 million
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| Maturity: | Jan. 27, 2024
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| Coupon: | 8%
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| Price: | 98.985
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| Original issue: | $550 million priced in September 2018
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