By Marisa Wong
Morgantown, W.Va., Aug. 9 – Powerlong Real Estate Holdings Ltd. said it priced $250 million of additional 5.95% senior notes due July 19, 2020 on Wednesday.
The add-on will be issued at 94.702 plus accrued interest from and including July 19 to but excluding Aug. 15.
The notes will be consolidated and form a single series with the $300 million of 5.95% three-year notes issued in July 2017. Powerlong priced an initial $200 million of the notes at 99.191 on July 12, 2017 and another $100 million at 99.196 on July 28, 2017.
Bank of America Merrill Lynch, Credit Suisse, Guotai Junan International, HSBC and UBS are the joint lead managers and joint bookrunners for the add-on.
Proceeds from the latest Regulation S notes 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, add-on
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| Amount: | $250 million
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| Maturity: | July 19, 2020
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| Bookrunners: | Bank of America Merrill Lynch, Credit Suisse, Guotai Junan International, HSBC and UBS
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| Coupon: | 5.95%
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| Price: | 94.702 plus accrued interest from and including July 19 to but excluding Aug. 15
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| Call option: | In whole at any time at make-whole amount
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| Equity clawback: | Up to 35% at 105.95
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| Pricing date: | Aug. 8
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| Settlement date: | Aug. 15
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| Distribution: | Regulation S
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| Original issue: | $300 million, including $200 million priced on July 12, 2017 at 99.191 and $100 million priced on July 28, 2017 at 99.196
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