By Christine Van Dusen
Atlanta, Oct. 10 - China's Greenland Holding Group Co. Ltd. priced $700 million 4¾% notes due Oct. 18, 2018 (expected ratings: Ba1/BB+/BBB-) at 99.665 to yield 4 7/8%, a market source said.
The notes priced in line with talk, which had been set at 4 7/8%.
HSBC, JPMorgan, Morgan Stanley, Bank of China International, Deutsche Bank, Citigroup and Goldman Sachs were the bookrunners for the Regulation S deal.
The proceeds will be used to refinance existing debt - including the company's $200 million 13½% notes due 2016 - and to finance property projects and for general corporate purposes.
The issuer is a real estate developer based in Shanghai.
| Issuer: | Greenland Holding Group Co. Ltd.
|
| Amount: | $700 million
|
| Maturity: | Oct. 18, 2018
|
| Description: | Notes
|
| Bookrunners: | HSBC, JPMorgan, Morgan Stanley, Bank of China International, Deutsche Bank, Citigroup, Goldman Sachs
|
| Coupon: | 4¾%
|
| Price: | 99.665
|
| Yield: | 4 7/8%
|
| Call option: | Any time in whole at par plus make-whole amount
|
| Put option: | At 101 upon occurrence of put event
|
| Trade date: | Oct. 10
|
| Settlement date: | Oct. 18
|
| Expected ratings: Moody's: Ba1
|
| Standard & Poor's: BB+
|
| Fitch: BBB-
|
| Distribution: | Regulation S
|
| Price talk: | 4 7/8%
|
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