By William Gullotti
Buffalo, N.Y., Jan. 11 – Mongolian Mortgage Corp. HFC LLC priced $225 million 11½% notes due 2027 in conjunction with its exchange offer for its 8.85% senior notes due 2024, according to a notice on Thursday.
Of that total, $52,515,000 are newly issued and priced at 97.5, with the remaining $172,485,000 issued as settlement for the exchange offer.
Like the existing notes, the new notes will be guaranteed by MIK Holding JSC.
The notes feature a make-whole call at the sum of the present values of the remaining scheduled payments of principal and interest discounted at Treasuries plus 50 bps until July 18, 2025. On or after July 18, 2025, the notes will be callable at 105.75.
Deutsche Bank AG, Singapore Branch and Korea Investment & Securities Asia Ltd., the dealer managers from the related exchange offer, are also the bookrunners for the new-money issuance.
The new Regulation S notes will be listed on the Singapore Exchange after settlement.
As previously reported, proceeds from the new-money issuance will be used for purchasing mortgages with recourse, repayment of any remaining outstanding notes at maturity and general corporate purposes.
Based in Ulaanbaatar, Mongolia, the company issues mortgage-backed securities and is a subsidiary of Mongolian Mortgage Corp. Holdings JSC.
| Issuer: | Mongolian Mortgage Corp. HFC LLC
|
| Guarantor: | MIK Holding JSC
|
| Amount: | $52,515,000
|
| Issue: | Notes
|
| Maturity: | Jan. 18, 2027
|
| Bookrunners: | Deutsche Bank AG, Singapore Branch and Korea Investment & Securities Asia Ltd.
|
| Coupon: | 8.85%
|
| Price: | 97.5
|
| Call: | Make-whole at sum of present values of the remaining scheduled payments of principal and interest discounted at Treasuries plus 50 bps until July 18, 2025; on or after July 18, 2025 at 105.75
|
| Pricing date: | Jan. 11
|
| Distribution: | Regulation S
|
| Total issue: | $225 million, including $172,485,000 issued as settlement in related exchange offer
|
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