Chicago, April 22 – Sino-Ocean Group Holding Ltd. sold $400 million of 3¼% guaranteed green notes due May 5, 2026 (Baa3//BBB-) at 99.161, according to an announcement.
The notes are being issued by Sino-Ocean Land Treasury IV Ltd.
The notes are putable if there is a downgrade in the ratings of the guarantor and if there is a specific change in the majority stockholders or if China Life no longer has a nominee director on the board of directors.
The company may redeem the notes with a make-whole premium before Feb. 5, 2026 and then at par after that date.
Joint lead managers for the Regulation S transaction are HSBC, China International Capital Corp., UBS, China Citic Bank International, Citigroup, Goldman Sachs (Asia) LLC, Bank of East Asia, Ltd., CMB Wing Lung Bank Ltd., China Everbright Bank Hong Kong Branch, J.P. Morgan, ABC International, Credit Suisse, Haitong International, China Securities International and Silk Road International.
Proceeds will be used to repay existing medium-term and long-term external debt of the company and its subsidiaries due within one year in accordance with the green finance framework of the group, which may include the tender offer the company started for its floating-rate notes due 2021.
The property developer is based in Hong Kong.
| Issuer: | Sino-Ocean Land Treasury IV Ltd.
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| Guarantor: | Sino-Ocean Group Holding Ltd.
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| Issue: | Guaranteed green notes
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| Amount: | $400 million
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| Maturity: | May 5, 2026
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| Bookrunners: | HSBC, China International Capital Corp., UBS, China Citic Bank International, Citigroup, Goldman Sachs (Asia) LLC, Bank of East Asia, Ltd., CMB Wing Lung Bank Ltd., China Everbright Bank Hong Kong Branch, J.P. Morgan, ABC International, Credit Suisse, Haitong International, China Securities International and Silk Road International
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| Trustee: | Bank of New York Mellon, London Branch
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| Coupon: | 3¼%
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| Price: | 99.161
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| Call features: | Make-whole call until Feb. 5, 2026; thereafter at par
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| Puts: | Putable upon a ratings downgrade and changes relating to majority shareholder
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| Trade date: | April 21
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| Ratings: | Moody’s: Baa3
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| Fitch: BBB-
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| Distribution: | Regulation S
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