New Issue: Country Garden prices $1.5 billion 6½%, 7¼% notes due 2024, 2026

Chicago, March 28 – Country Garden Holdings Co. Ltd. priced on Thursday $1.5 billion of senior notes in tranches due 2024 and 2026, according to an announcement.

The company priced $550 million of new 6½% senior notes due in April 2024 at par and $950 million of 7¼% senior notes due January 2026 at par.

Fine Nation, directly owned by chairman and executive director Yeung Kwok Keung, purchased $300 million of the April 2026 notes. Mo Bin, president and executive director of the company, purchased $4 million of the April 2024 notes.

Morgan Stanley, Goldman Sachs (Asia) LLC, BNP Paribas, HSBC and ICBC (Asia) are the joint bookrunners, joint lead managers and joint global coordinators for the Regulation S notes.

Proceeds from the offering will be used mainly to refinance existing offshore debt.

Country Garden is a Foshan, China, real estate developer.

Issuer:	Country Garden Holdings Co. Ltd.
Issue:	Senior notes
Amount:	$1.5 billion
Bookrunners:	Morgan Stanley, Goldman Sachs (Asia) LLC, BNP Paribas, HSBC and ICBC (Asia)
Pricing date:	March 28
Settlement date:	April 8
Distribution:	Regulation S
2024 notes
Amount:	$550 million
Maturity:	April 2024
Coupon:	6½%
Price:	Par
Call:	Make-whole call at 103.625 after April 8, 2022, then at 101.625
Equity clawback:	For up to 35% at 106.5 before April 8, 2022
2026 notes
Amount:	$950 million
Maturity:	April 2026
Coupon:	7¼%
Price:	Par
Call:	Make-whole call at 103.625 after April 8, 2023, 101.8125 after April 8, 2024, par after April 8, 2025
Equity clawback:	For up to 35% at 107.25 before April 8, 2023

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