By Christine Van Dusen
Atlanta, Oct. 24 - China's Evergrande Real Estate Group Ltd. priced a $1 billion issue of 8¾% notes due 2018 (expected ratings: B2/BB-/) at par to yield 8¾%, a market source said.
Goldman Sachs, JPMorgan, Deutsche Bank and China Merchants Securities were the bookrunners for the Rule 144A and Regulation S deal.
The proceeds will be used to refinance existing indebtedness.
The issuer is based in Guangzhou, Guandong.
| Issuer: | Evergrande Real Estate Group Ltd.
|
| Amount: | $1 billion
|
| Maturity: | 2018
|
| Description: | Senior notes
|
| Bookrunners: | Goldman Sachs, JPMorgan, Deutsche Bank, China Merchants Securities
|
| Coupon: | 8¾%
|
| Price: | Par
|
| Yield: | 8¾%
|
| Trade date: | Oct. 24
|
| Expected ratings: | Moody's: B2
|
| Standard & Poor's: BB-
|
| Distribution: | Rule 144A and Regulation S
|
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