By Rebecca Melvin
New York, Sept. 24 – China’s Kaisa Group Holdings Ltd. has priced $200 million senior perpetual capital securities at par with an initial distribution rate of 10 7/8% after having entered into a subscription agreement with three banks, according to an announcement on Thursday.
The joint lead managers of the deal are Credit Suisse (Hong Kong) Ltd., Deutsche Bank AG, Singapore Branch and UBS AG Hong Kong Branch.
The securities are non-callable for three years until the first reset date. The rate is resettable every three years at the initial spread plus the step-up margin.
The proceeds of the Regulation S deal will be used to refinance medium- and long-term offshore debt maturing within one year.
None of the securities will be offered to the public in Hong Kong, the company noted.
Kaisa is a Shenzhen, China-based property development company.
| Issuer: | Kaisa Group Holdings Ltd.
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| Issue: | Senior perpetual capital securities
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| Amount: | $200 million
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| Maturity: | Perpetual
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| Joint lead managers: | Credit Suisse (Hong Kong) Ltd., Deutsche Bank AG, Singapore Branch and UBS AG Hong Kong Branch
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| Initial distribution rate: | 10 7/8%
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| Price: | Par
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| Calls: | Non-callable for three years until the first reset date
|
| Step-up margin: | 5%, resettable every three years
|
| Issue date: | Sept. 30
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| Distribution: | Regulation S
|
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