Chicago, Oct. 24 – Agile Group Holdings Ltd. priced $500 million senior perpetual capital securities (Ba3) with an initial rate of 7 7/8%, according to an announcement.
The initial rate resets on the first reset date, July 31, 2024. The rate will reset after that date at the applicable Treasury rate plus 629.4 basis points plus 5% per year, to be reset every five years.
The securities may be redeemed in whole, but not in part, on the first reset date or any date thereafter at par plus the distribution accrued to the redemption date.
Goldman Sachs (Asia) LLC is the global coordinator, bookrunner and lead manager for the Regulation S offering.
The company intends to use proceeds to refinance some of its existing debt, according to a notice.
The property developer is based in Hong Kong.
| Issuer: | Agile Group Holdings Ltd.
|
| Issue: | Senior perpetual capital securities
|
| Amount: | $500 million
|
| Maturity: | Perpetual
|
| Bookrunner: | Goldman Sachs (Asia) LLC
|
| Coupon: | 7 7/8% until July 31, 2024; after that, applicable treasury rate on the relevant reset date plus 629.4 bps plus 5% per year, to be reset each five years
|
| Price: | Par
|
| Call: | May be redeemed in whole but not in part on or after the first reset date at par plus accrued interest to the redemption date
|
| Pricing date: | Oct. 24
|
| Settlement date: | Oct. 31
|
| Rating: | Moody’s: Ba3
|
| Distribution: | Regulation S
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
