Published on 1/21/2021 in the Prospect News Emerging Markets Daily.
New Issue: Hong Kong’s SJM Holdings prices $1 billion senior notes due 2026, 2028
By Marisa Wong
Los Angeles, Jan. 21 – SJM Holdings Ltd. priced $500 million of 4˝% senior notes due 2026 and $500 million of 4.85% senior notes due 2028 at par, according to a company announcement.
The notes (Ba2//BB+) will be issued through wholly owned subsidiary Champion Path Holdings Ltd. and guaranteed by the parent company.
BNP Paribas, Industrial and Commercial Bank of China (Macau) Ltd., Bank of China Ltd., Macau Branch, Industrial and Commercial Bank of China (Asia) Ltd., BOCI Asia Ltd., Banco Nacional Ultramarino, SA, Bank of Communications Co., Ltd. Macau Branch, China Construction Bank Corp. Macau Branch, China International Capital Corp. Hong Kong Securities Ltd., Oversea-Chinese Banking Corp. Ltd., Tai Fung Bank Ltd., Bank of East Asia, Ltd. and Yue Xiu Securities Co. Ltd. are joint bookrunners for the Regulation S deal.
The company intends to use about 90% of net proceeds from the offering for refinancing syndicated credit facilities and the balance for general corporate purposes.
The Hong Kong-based investment holding company is principally engaged in casino gaming businesses.
| Issuer: | Champion Path Holdings Ltd.
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| Guarantor: | SJM Holdings Ltd.
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| Issue: | Senior notes
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| Amount: | $1 billion
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| Bookrunners: | BNP Paribas, Industrial and Commercial Bank of China (Macau) Ltd., Bank of China Ltd., Macau Branch, Industrial and Commercial Bank of China (Asia) Ltd., BOCI Asia Ltd., Banco Nacional Ultramarino, SA, Bank of Communications Co., Ltd. Macau Branch, China Construction Bank Corp. Macau Branch, China International Capital Corp. Hong Kong Securities Ltd., Oversea-Chinese Banking Corp. Ltd., Tai Fung Bank Ltd., Bank of East Asia, Ltd. and Yue Xiu Securities Co. Ltd.
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| Pricing date: | Jan. 20
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| Settlement date: | Jan. 27
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| Ratings: | Moody’s: Ba2
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| Fitch: BB+
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| Distribution: | Regulation S
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| 2026 notes
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| Amount: | $500 million
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| Maturity: | Jan. 27, 2026
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| Coupon: | 4˝%
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| Price: | Par
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| Yield: | 4˝%
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| Call option: | Make-whole call in whole or in part at any time prior to Jan. 27, 2024; at 102.25 beginning on Jan. 27, 2024; at 101.125 beginning Jan. 27, 2025
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| Equity clawback: | Up to 35% at 104.5 at any time prior to Jan. 27, 2024
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| 2028 notes
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| Amount: | $500 million
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| Maturity: | Jan. 27, 2028
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| Coupon: | 4.85%
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| Price: | Par
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| Yield: | 4.85%
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| Call option: | Make-whole call in whole or in part at any time prior to Jan. 27, 2025; at 102.425 beginning on Jan. 27, 2025; at 101.213 beginning on Jan. 27, 2026; at par beginning Jan. 27, 2027
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| Equity clawback: | Up to 35% at 104.85 at any time prior to Jan. 27, 2025
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