By Christine Van Dusen
Atlanta, May 27 – China’s CIFI Holdings (Group) Co. Ltd. priced $400 million five-year notes (expected ratings: B1/B+/BB-) at 99.491 to yield 7 7/8% on Wednesday, a market source said.
The notes were initially talked at a yield in the 8 1/8% area.
Standard Chartered Bank, HSBC, Citigroup, Credit Suisse, Haitong International and UBS were the bookrunners for the Regulation S sale.
CIFI will use the proceeds to refinance debt, to acquire new projects or land for development, to develop new projects and for general corporate purposes.
CIFI is a Shanghai-based developer.
| Issuer: | CIFI Holdings (Group) Co. Ltd.
|
| Amount: | $400 million
|
| Maturity: | June 5, 2020
|
| Description: | Senior notes
|
| Bookrunners: | Standard Chartered Bank, HSBC, Citigroup, Credit Suisse, Haitong International, UBS
|
| Coupon: | 7¾%
|
| Price: | 99.491
|
| Yield: | 7 7/8%
|
| Call features: | Non-callable for five years
|
| Trade date: | May 27
|
| Settlement date: | June 5
|
| Expected ratings: | Moody’s: B1
|
| Standard & Poor’s: B+
|
| Fitch: BB-
|
| Distribution: | Regulation S
|
| Price talk: | 8 1/8% area
|
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