By Rebecca Melvin
Concord, N.H., Dec. 10 – China’s Powerlong Real Estate Holdings Ltd. sold a $150 million add-on to its 6¼% senior notes due Aug. 10, 2024 (B2) at 87.238, 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, 2020 and $150 million of the notes issued on Sept. 29, 2020.
Guotai Junan Securities (Hong Kong) Ltd. is lead manager, bookrunner and initial purchaser of the Regulation S notes, for which interest accrues from and including Aug. 10 to but excluding Dec. 15.
Proceeds will be used to refinance existing debt that become due within one year.
The real estate company is based in Hong Kong.
| Issuer: | Powerlong Real Estate Holdings Ltd.
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| Amount: | $150 million add-on
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| Issue: | Senior notes
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| Maturity: | Aug. 10, 2024
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| Bookrunner: | Guotai Junan Securities (Hong Kong) Ltd.
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| Coupon: | 6¼%
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| Price: | 87.238
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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
|
| Equity clawback: | Up to 35% at 106.25
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| Pricing date: | Dec. 10
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| Rating: | Moody’s: B2
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| Distribution: | Regulation S
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| Total deal size: | $500 million
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