By Cady Vishniac
Detroit, Jan. 6 – Zhongliang Holdings Group Co. Ltd. priced a $200 million add-on to its $250 million of existing 9½% senior notes due July 9, 2022 (//B+/Lianhe: BB) on Tuesday, according to a company notice.
The Regulation S issue priced at 101.143.
UBS AG Hong Kong Branch, Guotai Junan Securities (Hong Kong) Ltd., BOCI Asia Ltd., China Citic Bank International Ltd., CMB International Capital Ltd., Credit Suisse (Hong Kong) Ltd., Hongkong and Shanghai Banking Corp. Ltd., Morgan Stanley & Co. International plc and Standard Chartered Bank were the bookrunners for the issue.
Proceeds will go toward refinancing existing debt. On Monday, Zhongliang launched a tender offer for up to $250 million of its 8¾% notes due 2021.
The company will seek listing for the additional notes on the Stock Exchange of Hong Kong Ltd.
Zhongliang is a Chinese residential property management company based in Shanghai.
| Issuer: | Zhongliang Holdings Group Co. Ltd.
|
| Issue: | Senior notes
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| Amount: | $200 million
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| Maturity: | July 9, 2022
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| Bookrunners: | UBS AG Hong Kong Branch, Guotai Junan Securities (Hong Kong) Ltd., BOCI Asia Ltd., China Citic Bank International Ltd., CMB International Capital Ltd., Credit Suisse (Hong Kong) Ltd., Hongkong and Shanghai Banking Corp. Ltd., Morgan Stanley & Co. International plc and Standard Chartered Bank
|
| Coupon: | 9½%
|
| Price: | 101.143
|
| Call option: | At par plus a make-whole premium until July 29, 2022; thereafter at par
|
| Change of control: | At 101
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| Equity clawback: | Up to 35% at 109.5
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| Pricing date: | Jan. 5
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| Settlement date: | Jan. 13
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| Ratings: | Fitch: B+
|
| Lianhe: BB
|
| Distribution: | Regulation S
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| Previous issues: | $200 million issued Oct. 29, 2020 and $50 million add-on issued on Nov. 23, 2020
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