By Rebecca Melvin
New York, Jan. 26 – China’s Guangzhou R&F Properties Co., Ltd. unit Easy Tactic Ltd. has priced $500 million 11¾% notes due 2023 at par, according to a notice.
The notes (//B+) are guaranteed by Guangzhou R&F, wholly owned subsidiary R&F Properties (HK) Co. Ltd. and some other subsidiaries.
The notes are callable prior to maturity at par plus a make-whole premium and accrued interest.
Goldman Sachs (Asia) LLC, China Citic Bank International Ltd., Credit Suisse (Hong Kong) Ltd., Deutsche Bank AG Hong Kong Branch, Haitong International Securities Ltd., HeungKong Securities Ltd. and J.P. Morgan Securities plc are bookrunners for the Regulation S offering.
Proceeds will be used to refinance medium- to long-term debt set to mature within one year.
Guangzhou R&F is a property developer based in Guangzhou, China.
| Issuer: | Easy Tactic Ltd.
|
| Guarantors: | Guangzhou R&F Properties Co., Ltd. and R&F Properties (HK) Co. Ltd.
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| Issue: | Notes
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| Amount: | $500 million
|
| Maturity: | 2023
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| Bookrunners: | Goldman Sachs (Asia) LLC, China Citic Bank International Ltd., Credit Suisse (Hong Kong) Ltd., Deutsche Bank AG Hong Kong Branch, Haitong International Securities Ltd., HeungKong Securities Ltd. and J.P. Morgan Securities plc
|
| Coupon: | 11¾%
|
| Price: | Par
|
| Yield: | 11¾%
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| Call option: | Make-whole call prior to Aug. 2, 2023
|
| Pricing date: | Jan. 26
|
| Rating: | Fitch: B+
|
| Distribution: | Regulation S
|
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