By Rebecca Melvin
New York, Dec. 11 – China’s DaFa Properties Group Ltd. has priced an $80 million add-on to its 12 3/8% senior notes due July 30, 2022 (B3), according to a listing notice with the Stock Exchange of Hong Kong Ltd.
The additional notes will be added to form a single series with the original $150 million of 12 3/8% notes issued by the company on July 30 and a $130 million add-on to the notes that was issued on Oct. 21.
Credit Suisse (Hong Kong) Ltd., Guotai Junan Securities (Hong Kong) Ltd., HeungKong Securities Co. Ltd., Admiralty Harbour Capital Ltd. and Haitong International were bookrunners of the offering.
The proceeds of the add-on are earmarked for refinancing debt. The company may adjust its plans in response to changing market conditions and reallocate the use of proceeds.
DaFa is a real estate developer based in Shanghai.
| Issuer: | DaFa Properties Group Ltd.
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| Issue: | Add-on senior notes
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| Amount: | $80 million
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| Maturity: | July 30, 2022
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| Bookrunners: | Credit Suisse (Hong Kong) Ltd., Guotai Junan Securities (Hong Kong) Ltd., HeungKong Securities Co. Ltd., Admiralty Harbour Capital Ltd. and Haitong International
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| Coupon: | 12 3/8%
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| Issue date: | Dec. 11
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| Rating: | Moody’s: B3
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| Distribution: | Regulation S
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| Total deal size: | $360 million, including $150 million issued on July 30 and $130 million add-on issued Oct. 21
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