By Christine Van Dusen
Atlanta, Nov. 6 - China's Evergrande Real Estate Group Ltd. priced a $500 million tap of its 8¾% notes due Oct. 30, 2018 (expected ratings: B2/BB-/) at par to yield 8¾%, a market source said.
The pricing matched talk, set at par.
China Merchant Securities and JPMorgan were the global coordinators. China Merchant Securities, JPMorgan, Deutsche Bank, Credit Suisse and UBS were the joint bookrunners for the Rule 144A and Regulation S deal.
The original $1 billion issue priced at par to yield 8¾% with Goldman Sachs, JPMorgan, Deutsche Bank and China Merchants Securities.
The proceeds will be used to refinance existing debt.
The issuer is based in Guangzhou, Guandong, China.
| Issuer: | Evergrande Real Estate Group Ltd.
|
| Amount: | $500 million
|
| Maturity: | Oct. 30, 2018
|
| Description: | Senior notes
|
| Bookrunners: | China Merchant Securities, JPMorgan, Deutsche Bank, Credit Suisse, UBS
|
| Coupon: | 8¾%
|
| Price: | Par
|
| Yield: | 8¾%
|
| Trade date: | Nov. 6
|
| Settlement date: | Nov. 12
|
| Expected ratings: | Moody's: B2
|
| Standard & Poor's: BB-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | Par
|
| Original issue: | $1 billion priced at par
|
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