By Angela McDaniels
Tacoma, Wash., April 13 - Evergrande Real Estate Group, Ltd. sold an additional $600 million of 13% guaranteed senior secured fixed-rate notes due 2015 on Tuesday, according to a company news release.
The original $750 million of notes (B1/BB-/BB+) priced on Jan. 21. The total issue size is now $1.35 billion.
Harbour Trade Ltd. bought $350 million of the additional notes, and Joseph Lau Luen Hung purchased $250 million.
Sung Hung Kai Investment Services Ltd. was the arranger for the additional notes.
The Guangzhou, China-based property company will use the proceeds to finance property projects.
Bank of America Merrill Lynch, Goldman, Sachs & Co. (Asia) and BOC International were the joint bookrunners for the original issue, the proceeds of which were used to repay a structured secured loan, to finance property projects and for general corporate purposes.
| Issuer: | Evergrande Real Estate Group, Ltd.
|
| Issue: | Guaranteed senior secured fixed-rate notes
|
| Amount: | $1.35 billion, increased $750 million
|
| Maturity: | Jan. 27, 2015
|
| Bookrunners: | Bank of America Merrill Lynch, Goldman Sachs & Co. (Asia), BOC International (for $750 million)
|
| Arranger: | Sung Hung Kai Investment Services Ltd. (for $600 million)
|
| Coupon: | 13%
|
| Price: | Par
|
| Yield: | 13%
|
| Spread: | 1,066 bps
|
| Call protection: | Non-callable
|
| Pricing dates: | Jan. 21 for $750 million; April 13 for $600 million
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: BB-
|
| Fitch: BB+
|
| Distribution: | Rule 144A/Regulation S
|
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