New Issue: China's Evergrande upsizes to $750 million, prices five-year notes at par to yield 13%

By Paul A. Harris

St. Louis, Jan. 21 - Evergrande Real Estate Group, Ltd. priced an upsized $750 million issue of five-year guaranteed senior secured fixed-rate notes (B1/BB-/BB+) at par to yield 13% on Thursday, according to a market source.

The yield printed on top of the price talk.

Bank of America Merrill Lynch, Goldman Sachs & Co. (Asia) and BOC International were joint bookrunners for the deal, which came into the market sized at $500 million minimum.

The Guangzhou, China-based property company will use the proceeds to repay a structured secured loan, to finance existing and new property projects and for general corporate purposes.

Issuer:	Evergrande Real Estate Group, Ltd.
Amount:	$750 million
Maturity:	Jan. 27, 2015
Securities:	Guaranteed senior secured fixed-rate notes
Bookrunners:	Bank of America Merrill Lynch, Goldman Sachs & Co. (Asia), BOC International
Coupon:	13%
Price:	Par
Yield:	13%
Spread:	1,066 bps
Call protection:	Non-callable
Trade date:	Jan. 21
Ratings:	Moody's: B1
	Standard & Poor's: BB-
	Fitch: BB+
Distribution:	Rule 144A/Regulation S
Price talk:	13% area

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