By Cady Vishniac
Detroit, Jan. 21 – Yuexiu Property Co. Ltd.’s wholly owned subsidiary, Westwood Group Holdings Ltd., has sold a $50 million add-on to its $600 million of 2.8% guaranteed notes due Jan. 20, 2026 issued on Jan. 20, according to a market listing.
The Regulation S notes (Baa3//BBB-), priced at 100.1, are guaranteed by Yuexiu Property and issued under the company’s recently launched $3 billion guaranteed medium-term note program.
CLSA Ltd. is the manager.
Dealers for the 2.8% notes are DBS Bank Ltd., CLSA Ltd., ABCI Capital Ltd., Bank of China (Hong Kong) Ltd., BOCI Asia Ltd., CCB International Capital Ltd., China International Capital Corp. Hong Kong Securities Ltd., Chong Hing Bank Ltd., CMB International Capital Ltd., CMBC Securities Co. Ltd., Guotai Junan Securities (Hong Kong) Ltd., Haitong International Securities Co. Ltd. and Yue Xiu Securities Co. Ltd.
The gross proceeds of the proposed issue will be approximately $50.07 million. Net proceeds will be used to repay existing medium- to long-term offshore debt of the issuer, the company and their subsidiaries that will become due within the year.
Yuexiu is a property developer based in Hong Kong.
| Issuer: | Westwood Group Holdings Ltd.
|
| Guarantor: | Yuexiu Property Co. Ltd.
|
| Amount: | $50 million
|
| Maturity: | Jan. 20, 2026
|
| Manager: | CLSA Ltd.
|
| Dealers: | DBS Bank Ltd., CLSA Ltd., ABCI Capital Ltd., Bank of China (Hong Kong) Ltd., BOCI Asia Ltd., CCB International Capital Ltd., China International Capital Corp. Hong Kong Securities Ltd., Chong Hing Bank Ltd., CMB International Capital Ltd., CMBC Securities Co. Ltd., Guotai Junan Securities (Hong Kong) Ltd., Haitong International Securities Co. Ltd. and Yue Xiu Securities Co. Ltd.
|
| Coupon: | 2.8%
|
| Price: | 100.1
|
| Pricing date: | Jan. 21
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| Settlement date: | Feb. 9
|
| Ratings: | Moody’s: Baa3
|
| Fitch: BBB-
|
| Distribution: | Regulation S
|
| Original issue: | $600 million of notes issued on Jan. 20
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