By Christine Van Dusen
Atlanta, April 16 - China's Poly Real Estate Group Co. Ltd. priced a $500 million issue of 5¼% five-year notes (expected ratings: Baa3/BBB-/BBB+) at 99.9375 to yield Treasuries plus 375 basis points on Wednesday, a market source said.
Citic Securities and HSBC were the bookrunners for the Regulation S deal.
The notes were issued by Poly Real Estate Finance Ltd., a special-purpose vehicle owned by Hengli (Hong Kong) Real Estate Ltd., which is the primary offshore subsidiary for Poly Real Estate Group.
The Guangzhou, China-based issuer develops and sells residential homes and manages and leases properties.
| Issuer: | Poly Real Estate Finance Ltd.
|
| Amount: | $500 million
|
| Maturity: | April 25, 2019
|
| Description: | Senior notes
|
| Bookrunners: | Citic Securities International, HSBC
|
| Coupon: | 5¼%
|
| Price: | 99.9375
|
| Spread: | Treasuries plus 375 bps
|
| Trade date: | April 16
|
| Settlement date: | April 25
|
| Expected ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB-
|
| Fitch: BBB+
|
| Distribution: | Regulation S
|
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