By William Gullotti
Buffalo, N.Y., Sept. 21 – Perfect Point Ventures Ltd., an indirectly wholly-owned subsidiary of C C Land Holdings Ltd., priced $300 million of 5.2% notes due Sept. 20, 2025 at par, according to an offering circular on Tuesday.
The notes are guaranteed by the parent company.
Serving as joint global coordinators, joint lead managers and joint bookrunners are HSBC, UBS, Haitong International and Credit Suisse. Bank of East Asia, Ltd. and China Citic Bank International are also serving as joint lead managers and joint bookrunners for the offering.
The notes are not callable for the first two years. Starting Sept. 20, 2023, they are callable at 102 plus interest for one year, then 101 plus interest from Sept. 20, 2024 until maturity.
According to the circular, proceeds will be used for refinancing existing debt and for general working capital.
The listing for the Regulation S notes took effect Sept. 21 on the Stock Exchange of Hong Kong Ltd.
Perfect Point Ventures is based in Hong Kong. C C Land Holdings develops properties in the United Kingdom, Australia, Hong Kong and China. The company has headquarters in Hong Kong and was formerly known as Qualipak International Holdings Ltd.
| Issuer: | Perfect Point Ventures Ltd.
|
| Guarantor: | C C Land Holdings Ltd.
|
| Issue: | Notes
|
| Amount: | $300 million
|
| Maturity: | Sept. 20, 2025
|
| Bookrunners: | HSBC, UBS, Haitong International, Credit Suisse, Bank of East Asia, Ltd. and China Citic Bank International
|
| Counsel to issuer: | Conyers Dill & Pearman (British Virgin Islands and Bermuda) and Clifford Chance (England)
|
| Counsel to bookrunners: | Allbright Law Offices (China) and White & Case (England)
|
| Coupon: | 5.2%
|
| Price: | Par
|
| Yield: | 5.2%
|
| Call features: | Starting Sept. 20, 2023, at 102 plus interest until Sept. 20, 2024; then at 101 plus interest until maturity
|
| Change of control: | At 101 plus interest
|
| Pricing date: | Sept. 14
|
| Issue date: | Sept. 20
|
| Listing date: | Sept. 21
|
| Distribution: | Regulation S
|
| ISIN: | XS2380365424
|
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