Published on 9/23/2020 in the Prospect News Emerging Markets Daily.
New Issue: Powerlong sells $150 million more 6¼% notes due 2024 at 101.185
By Wendy Van Sickle
Columbus, Ohio, Sept. 23 – China’s Powerlong Real Estate Holdings Ltd. sold a $150 million add-on to its 6¼% senior notes due Aug. 10, 2024 (B2) at 101.185, according to an announcement.
The notes will be consolidated and form a single series with the $200 million of the notes issued by the company on Aug. 10.
BofA Securities, Credit Suisse, Guotai Junan International, Haitong International, J.P. Morgan, UBS, Huatai International, Bank of East Asia, Ltd. and Central Wealth Securities Investment Ltd. were bookrunners for the Regulation S issue.
Proceeds will be used to refinance existing debt.
The real estate company is based in Hong Kong.
| Issuer: | Powerlong Real Estate Holdings Ltd.
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| Issue: | Senior notes
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| Amount: | $150 million add-on
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| Maturity: | Aug. 10, 2024
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| Bookrunners: | BofA Securities, Credit Suisse, Guotai Junan International, Haitong International, J.P. Morgan, UBS, Huatai International, Bank of East Asia, Ltd. and Central Wealth Securities Investment Ltd.
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| Coupon: | 6¼%
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| Price: | 101.185
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| Call option: | Any time before Aug. 10, 2022 make-whole call; after Aug. 10, 2022 at 103.125; after Aug. 10, 2023 at 101.625
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| Equity clawback: | Up to 35% at 106.25
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| Pricing date: | Sept. 23
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| Settlement date: | Sept. 29
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| Rating: | Moody’s: B2
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| Distribution: | Regulation S
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| Original issue: | $200 million issued on Aug. 10
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