By Marisa Wong
Morgantown, W.Va., May 18 – Mingfa Group (International) Co. Ltd. clarified the put option under its new issue of $220 million 11% bonds due 2020 in a company announcement on Thursday.
The bonds will be putable at 101 upon a change of control. Previously, the company said the redemption price would be par.
Head & Shoulders Securities Ltd. acted as placement agent for the best efforts offering that priced on May 12.
Proceeds will be used to refinance debt and for general corporate purposes.
Mingfa is a real estate developer based in Hong Kong.
| Issuer: | Mingfa Group (International) Co. Ltd.
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| Issue: | Bonds
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| Amount: | $220 million
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| Maturity: | May 18, 2020
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| Coupon: | 11%
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| Price: | Par
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| Put option: | At 101 if there is a change of control
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| Placement agent: | Head & Shoulders Securities Ltd.
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| Pricing date: | May 12
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| Settlement date: | May 18
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