New Issue: China’s Redsun prices $300 million 9.7% senior notes due 2023 at 98.534

By Wendy Van Sickle

Columbus, Ohio, Jan. 13 – Redsun Properties Group Ltd. priced $300 million of 9.7% senior notes due 2023 (expected ratings: B+/B3) at 98.534, according to a notice with the Stock Exchange of Hong Kong Ltd.

China International Capital Corp., UBS, Deutsche Bank, Credit Suisse, AMTD, Barclays, BNP Paribas, CMB International, Guotai Junan International, Haitong International and HSBC were the bookrunners.

Proceeds of the Regulation S offering will be used to refinance existing debt and for general working capital purposes.

The real estate development company is based in Nanjing, China.

Issuer:	Redsun Properties Group Ltd.
Issue:	Senior notes
Amount:	$300 million
Maturity:	April 16, 2023
Coupon:	9.7%
Price:	98.534
Bookrunners:	China International Capital Corp., UBS, Deutsche Bank, Credit Suisse, AMTD, Barclays, BNP Paribas, CMB International, Guotai Junan International, Haitong International and HSBC
Call:	Make-whole call until Jan. 16, 2022, then callable at 103
Equity clawback:	For up to 35% at 109.7
Pricing date:	Jan. 13
Settlement date:	Jan. 16
Distribution:	Regulation S
Expected ratings:	Fitch: B+
	Moody’s: B3

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