New Issue: Country Garden prices $500 million 6.15% notes due 2025 at par

By Wendy Van Sickle

Columbus, Ohio, Sept. 10 – Country Garden Holdings Co. Ltd. priced on Tuesday $500 million of 6.15% senior notes due 2025 at par, according to an announcement.

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

Proceeds 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:	$500 million
Maturity:	Sept. 17, 2025
Coupon:	6.15%
Price:	Par
Yield:
Bookrunners:	Morgan Stanley, Goldman Sachs (Asia) LLC and BNP Paribas
Call:	Make-whole call, then at 103.075 starting Sept. 17, 2023, then at 101.5375 starting Sept. 17, 2024
Equity clawback:	For up to 35% at 106.15 before Sept. 17, 2023
Pricing date:	Sept. 10
Settlement date:	Sept. 17
Distribution:	Regulation S

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