By Marisa Wong
Morgantown, W.Va., June 14 – Agile Group Holdings Ltd. priced $100 million of additional senior perpetual securities that will be consolidated and form a single series with the $600 million of senior perpetual capital securities (Ba3) issued on June 4, according to an announcement.
The add-on notes will be issued on June 21 at par plus accrued distributions from and including June 4 to but excluding the closing date.
Goldman Sachs (Asia) LLC is the global coordinator, bookrunner and lead manager for the add-on securities.
Interest will be 8 3/8% until the first reset date of Dec. 4, 2023. After that, it will be equal to the applicable Treasury rate on the relevant reset date plus 625.4 basis points plus 5% per year, to be reset every five years.
The securities may be redeemed in whole but not in part on or after the first reset date at par plus accrued interest to the redemption date.
Proceeds will be used for refinancing debt.
Agile is a Hong Kong-based property developer.
| Issuer: | Agile Group Holdings Ltd.
|
| Issue: | Senior perpetual capital securities, add-on
|
| Amount: | $100 million
|
| Maturity: | Perpetual
|
| Bookrunner: | Goldman Sachs (Asia) LLC
|
| Coupon: | 8 3/8% until Dec. 4, 2023; after that, applicable Treasury rate on the relevant reset date plus 625.4 bps plus 5% per year, to be reset every five years
|
| Price: | Par plus accrued distributions from and including June 4 to but excluding the closing date
|
| Call: | In whole but not in part on or after the first reset date at par plus accrued interest to the redemption date
|
| Trade date: | June 14
|
| Settlement date: | June 21
|
| Expected rating: | Moody’s: Ba3
|
| Distribution: | Regulation S
|
| Total issuance: | $700 million, including $600 million issued on June 4
|
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