By Christine Van Dusen
Atlanta, Jan. 14 - China's Evergrande Real Estate Group Ltd. priced a two-tranche RMB 9.25 billion issue of dollar-settled notes on Thursday, a market source said Friday.
The deal included RMB 5.55 billion notes due Jan. 19, 2014, which priced at par to yield 7½%, and RMB 3.7 billion notes due Jan. 19, 2016 that priced at par to yield 9¼%.
Bank of America Merrill Lynch, Deutsche Bank, Citigroup and BOC International were the bookrunners for the Regulation S notes, which are callable for three years and include a change-of-control put at 101%.
Not less than 45% of the proceeds will be used to fund the repayment of onshore bank borrowings and to replenish cash reserves that have been used to repay onshore bank borrowings since Jan. 1, according to a company filing. The remaining portion will be used for general corporate purposes and to finance the company's existing and new property projects.
Evergrande Real Estate is a Guangzhou, China-based residential property developer.
| Issuer: | Evergrande Real Estate Group Ltd.
|
| Amount: | RMB 9.25 billion
|
| Description: | Notes
|
| Bookrunners: | Bank of America Merrill Lynch, Deutsche Bank, Citigroup, BOC International
|
| Call features: | Callable for three years
|
| Change-of-control put: | 101%
|
| Trade date: | Jan. 13
|
| Settlement date: | Jan. 19
|
| Distribution: | Regulation S
|
|
|
| Notes due 2014
|
| Amount: | RMB 5.55 billion
|
| Maturity: | Jan. 19, 2014
|
| Coupon: | 7½%
|
| Price: | Par
|
| Yield: | 7½%
|
|
|
| Notes due 2016
|
| Amount: | RMB 3.7 billion
|
| Maturity: | Jan. 19, 2016
|
| Coupon: | 9¼%
|
| Price: | Par
|
| Yield: | 9¼%
|
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