By Angela McDaniels
Tacoma, Wash., May 23 – Oceanwide Holdings Co., Ltd. issued $280 million of 14½% senior notes due 2021 through subsidiary Oceanwide Holdings International Development III Co., Ltd., according to a company news release.
The company issued $134.97 million of the new notes in a new money issuance and $145.03 million of the notes in an exchange offer for Oceanwide Holdings International 2017 Co., Ltd.’s $400 million of 8½% senior notes due May 28, 2019.
The exchange offer expired at 11 a.m. ET on May 16. Holders tendered $143.71 million principal amount, or 35.93%, of the 8½% notes. The company accepted all of the notes for exchange.
For each $1,000 principal amount of 8½% notes, Oceanwide issued $1,050 principal amount of new 14½% notes plus capitalized interest paid in the form of new notes.
The new notes are guaranteed by Oceanwide Holdings.
The global coordinator for the new money issuance was Haitong International Securities Co. Ltd. The joint bookrunners and joint lead managers were Haitong International, Admiralty Harbour Capital Ltd., China Tonghai Securities Ltd. and Guotai Junan International Holdings Ltd.
For the exchange offer, Haitong (852 2848 4333 and DCM@htisec.com) and Admiralty Harbour (852 2110 1666 and cma@ahfghk.com) were the dealer managers, and D.F. King Ltd. (+44 20 7920 9700, 852 3953 7231 or oceanwide@dfkingltd.com) was the information and exchange agent.
The conglomerate is based in Beijing.
| Issuer: | Oceanwide Holdings International Development III Co., Ltd.
|
| Guarantor: | Oceanwide Holdings Co., Ltd.
|
| Issue: | Senior notes
|
| Amount: | $280 million
|
| Maturity: | 2021
|
| Coupon: | 14½%
|
| Price: | Par
|
| Yield: | 14½%
|
| Bookrunners: | Haitong International Securities Co. Ltd., Admiralty Harbour Capital Ltd., China Tonghai Securities Ltd. and Guotai Junan International Holdings Ltd.
|
| Pricing date: | May 17
|
| Settlement date: | May 23
|
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