By William Gullotti
Buffalo, N.Y., May 31 – New Metro Global Ltd., a subsidiary of Seazen Group Ltd., priced $100 million of 7.95% one-year senior green notes (Ba3) at par, according to two notices on Tuesday.
The notes will be guaranteed by the parent company.
The notes will be callable at any time in whole, but not in part, at the issuer’s option or for taxation reasons at par plus interest. There is also an equity clawback in which the issuer may redeem up to 35% of the notes at 107.95 plus interest.
Noteholders will be able to exercise a change-of-control put at 101 plus interest.
Haitong International Securities Co., Ltd. is the global coordinator, also serving as joint lead manager and joint bookrunner with Seazen Resources Securities Ltd. and SunRiver International Securities Group Ltd.
Proceeds from the Regulation S offering will be used to refinance existing medium to long term debts coming due within one year in accordance with the company’s sustainable finance framework.
The notes have been approved for listing in principle by the Singapore Exchange. No listing of the notes has been or will be sought on any other exchange.
The real estate development company is based in Shanghai.
| Issuer: | New Metro Global Ltd.
|
| Guarantor: | Seazen Group Ltd.
|
| Amount: | $100 million
|
| Issue: | Senior green notes
|
| Maturity: | June 1, 2023
|
| Bookrunners: | Haitong International Securities Co. Ltd., Seazen Resources Securities Ltd. and SunRiver International Securities Group Ltd.
|
| Coupon: | 7.95%
|
| Price: | Par
|
| Yield: | 7.95%
|
| Call: | At any time for taxation reasons at par plus interest; in whole, but not in part, at par plus interest
|
| Equity clawback: | Up to 35% at 107.95
|
| Change of control: | At 101 plus interest
|
| Pricing date: | May 30
|
| Rating: | Moody’s: Ba3
|
| Distribution: | Regulation S
|
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