New Issue: China’s Agile Property prices $200 million three-year notes at par to yield 8˝%

By Wendy Van Sickle

Columbus, Ohio, July 11 – Agile Group Holdings Ltd. priced $200 million of three-year senior notes (Ba3/BB) to yield 8˝% on Wednesday, according to an announcement.

HSBC, ICBC (Asia), Standard Chartered Bank, UBS (joint global coordinators), BNP Paribas, Bocom International, CEB International, China Citic Bank International and Industrial Bank Co., Ltd., Hong Kong Branch were joint bookrunners of the notes, the proceeds of which will be used to refinance debt.

There is a make-whole call for the first two years, and the notes are callable on or after July 18, 2020 at 104.5 plus accrued interest to the redemption date.

Agile is a Hong Kong-based property developer.

Issuer:	Agile Property Holdings Ltd.
Amount:	$200 million
Maturity:	Aug. 14, 2021
Description:	Senior notes
Bookrunners:	HSBC, ICBC (Asia), Standard Chartered Bank, UBS (joint global coordinators), BNP Paribas, Bocom International, CEB International, China Citic Bank International and Industrial Bank Co., Ltd., Hong Kong Branch
Coupon:	8˝%
Price:	Par
Yield:	8˝%
Calls:	Make-whole call for first two years; callable at 104.5 plus accrued interest on or after July 18, 2020
Trade date:	July 11
Settlement date:	July 18
Expected ratings:	Moody’s: Ba3
	S&P: BB
Distribution:	Regulation S

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