Published on 1/7/2020 in the Prospect News Emerging Markets Daily.
New Issue: Country Garden prices $1 billion 5 1/8%, 5 5/8% notes due 2027, 2030
By Wendy Van Sickle
Columbus, Ohio, Jan. 7 – China’s Country Garden Holdings Co. Ltd. priced on Tuesday $1 billion of senior notes in tranches due 2027 and 2030, according to an announcement.
The company priced $550 million of new 5 1/8% senior notes due in January 2027 at par and $450 million of 5 5/8% senior notes due January 2030 at par.
Fine Nation, directly owned by chairman and executive director Yeung Kwok Keung, purchased $80 million of the January 2030 notes. Mo Bin, president and executive director of the company, purchased $2 million of each series of the notes.
Morgan Stanley and Goldman Sachs (Asia) LLC are the global coordinators and are bookrunners and lead managers for the Regulation S notes along with Standard Chartered Bank.
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.
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| Issue: | Senior notes
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| Amount: | $1 billion
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| Bookrunners: | Morgan Stanley, Goldman Sachs (Asia) LLC and Standard Chartered Bank
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| Pricing date: | Jan. 7
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| Settlement date: | Jan. 14
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| Distribution: | Regulation S
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| 2027 notes
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| Amount: | $550 million
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| Maturity: | January 2027
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| Coupon: | 5 1/8%
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| Price: | Par
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| Call: | Make-whole call on or after Jan. 14, 2024 at 102.5625 until Jan. 14, 2025, then at 101.28125% until Jan. 14, 2026, then at par
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| Equity clawback: | For up to 35% at 105.125 before Jan. 14, 2024
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| 2030 notes
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| Amount: | $450 million
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| Maturity: | January 2030
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| Coupon: | 5 5/8%
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| Price: | Par
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| Call: | Make-whole call on or after Jan. 14, 2025 at 102.8125% until Jan. 14, 2026, then at 101.40625% until Jan. 14, 2027, then at 100.703125% until Jan. 14, 2028, then at par
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| Equity clawback: | For up to 35% at 105.625 before Jan. 14, 2025
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