By Rebecca Melvin
New York, July 10 – China SCE Group Holdings Ltd. priced $500 million of 7¼% notes due 2023 at 99.954, according to a company announcement.
HSBC, BofA Merrill Lynch, Morgan Stanley and UBS were the joint global coordinators, joint bookrunners and joint lead managers for the Regulation S offering.
The notes are callable in whole but not in part at par prior to July 19, 2021. After July 19, 2021, the notes are callable in whole or in part at 103.625% and after July 19, 2022, the issue may be called at 101%.
There is also an equity clawback under which 35% of the of notes can be called with cash proceeds of common stock sales at 107.25% provided that at least 65% of the principal amount of notes remains outstanding.
Proceeds are earmarked to refinance existing offshore debt.
China SCE is a Xiamen, China-based property developer.
| Issuer: | China SCE Group Holdings Ltd.
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| Issue: | Senior notes
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| Amount: | $500 million
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| Maturity: | April 19, 2023
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| Joint bookrunners: | HSBC, BofA Merrill Lynch, Morgan Stanley and UBS
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| Coupon: | 7¼%
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| Price: | 99.954
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| Calls: | At par before July 19, 2021, at 103.625% after July 19, 2021 and at 101% after July 19, 2022
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| Equity clawback: | Yes, at 107.25%
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| Announcement date: | July 10
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| Distribution: | Regulation S
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