By Marisa Wong
Los Angeles, May 7 – China’s Redco Properties Group Ltd. priced $65 million of additional 8% senior sustainability notes due 2022 at 99.644, according to a company announcement.
The notes will be consolidated and form a single series with the $220 million of 8% notes due 2022 priced on April 7.
Standard Chartered Bank is the global coordinator, bookrunner, lead manager and sustainability structuring adviser for the Regulation S offering.
Proceeds from the tap issue will be used to refinance some existing medium- to long-term offshore debt.
The residential and commercial property developer is based in Shenzhen, China.
| Issuer: | Redco Properties Group Ltd.
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| Issue: | Sustainability notes, add-on
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| Amount: | $65 million
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| Maturity: | April 13, 2022
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| Bookrunner: | Standard Chartered Bank
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| Coupon: | 8%
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| Price: | 99.644 plus accrued interest from and including April 14 to but excluding May 14
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| Call option: | At 101 following overseas debt registration and at par plus an applicable margin and interest prior to maturity
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| Equity clawback: | Up to 35% at 108
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| Pricing date: | May 7
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| Distribution: | Regulation S
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| Total issuance: | $285 million, including $220 million priced April 7
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