Published on 1/18/2013 in the Prospect News Emerging Markets Daily.
New Issue: China's Powerlong Real Estate sells $250 million 11¼% notes due 2018 to yield 11 5/8%
By Christine Van Dusen
Atlanta, Jan. 18 - China's Powerlong Real Estate Holding Ltd. priced a $250 million issue of 11¼% five-year notes (Caa1/B-/) at 98.608 to yield 11 5/8%, a market source said.
Bank of America Merrill Lynch, Deutsche Bank, HSBC and RBS were the bookrunners for the Regulation S deal.
Proceeds will be used to refinance existing debt.
Powerlong is a real estate company.
| Issuer: | Powerlong Real Estate Holding Ltd.
|
| Amount: | $250 million
|
| Maturity: | Jan. 25, 2018
|
| Description: | Senior notes
|
| Bookrunners: | Bank of America Merrill Lynch, Deutsche Bank, HSBC, RBS
|
| Coupon: | 11¼%
|
| Price: | 98.608
|
| Yield: | 11 5/8%
|
| Trade date: | Jan. 18
|
| Settlement date: | Jan. 25
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: B-
|
| Distribution: | Regulation S
|
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