By Rebecca Melvin
Concord, N.H., May 12 – Kaisa Group Holdings Ltd. sold $500 million more of its 11.7% senior notes due 2025 (B2//B), bringing the deal size listed on the Singapore Exchange to $1,000,022,000, according to a listing notice on Wednesday.
Credit Suisse, Deutsche Bank, China Citic Bank International, Guotai Junan International, Haitong International, HSBC and UBS are the joint bookrunners and joint lead managers of the new notes.
As previously reported, the notes are callable for par plus a make-whole premium and interest until Nov. 11, 2023. Subsequently they are callable at 104 plus interest until 2024, and then they may be redeemable at 102 plus interest until maturity.
In addition, there is an equity clawback in which the company may redeem up to 35% of the principal amount of notes prior to Nov. 11, 2023 with cash proceeds of one or more common stock sales at 111.7 plus accrued and unpaid interest.
Kaisa is a Shenzhen, China-based property development company.
| Issuer: | Kaisa Group Holdings Ltd.
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| Issue: | Senior notes
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| Amount: | $500 million add on
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| Maturity: | Nov. 11, 2025
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| Bookrunners: | Credit Suisse, Deutsche Bank, China Citic Bank International, Guotai Junan International, Haitong International, HSBC and UBS
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| Coupon: | 11.7%
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| Call features: | Make-whole call until Nov. 11, 2023, then callable at 104 until 2024 and at 102 until maturity
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| Equity clawback: | Up to 35% at 111.7 at any time
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| Pricing date: | May 11
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| Listing date: | May 14
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| Distribution: | Regulation S
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| Total deal size: | $1,000,022,000
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