Chicago, April 8 – Health and Happiness (H&H) International Holdings Ltd. is adding $120.2 million of 13½% senior notes due 2026 to its existing $179.8 million of notes previously issued on June 26, 2023 (Ba3/BBB), according to a notice.
The original issue was partially comprised of exchange notes and a new offering.
The fungible notes are being offered under Regulation S.
They are redeemable with a premium before June 26, 2025; then, they are redeemable at par plus half the coupon thereafter.
Deutsche Bank AG, Singapore Branch and Goldman Sachs (Asia) LLC are the initial purchasers.
The notes are guaranteed by a number of the issuer’s subsidiaries.
Proceeds of roughly $132 million will be used to repay existing offshore debt.
The health supplements and child health company is based in Hong Kong.
| Issuer: | Health and Happiness (H&H) International Holdings Ltd.
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| Amount: | $120.2 million
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| Issue: | Notes
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| Maturity: | June 26, 2026
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| Bookrunners: | Deutsche Bank AG, Singapore Branch and Goldman Sachs (Asia) LLC
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| Trustee: | HSBC Ltd.
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| Coupon: | 13¼%
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| Call features: | At par plus premium until June 26, 2025; at 106.75 thereafter
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| Equity clawback: | Up to 40% at 113.5
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| Trade date: | April 8
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| Ratings: | Moody’s: Ba3
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| S&P: BBB
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| Distribution: | Regulation S
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| Original issue: | $200 million issued on June 26, 2023
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