By Cady Vishniac
Detroit, Nov. 20 – Kaisa Group Holdings Ltd. priced a $200 million add-on to its previously issued $300 million 11.95% senior notes due 2023 at 103.504, according to a notice.
The new bonds will be offered on the same terms and conditions as the previous issue, save for the issue date and price.
Credit Suisse, Deutsche Bank, Haitong International and China Citic Bank International are the joint global coordinators, joint bookrunners and joint lead managers for the Regulation S issue. BOC International and Huatai International are the joint bookrunners and joint lead managers.
There is a make-whole call until Nov. 21, 2021. Then, the company can redeem the notes at 104 in 2021 and at 102 in 2022.
Proceeds will be used to refinance its existing medium- to long-term debt, which is due within one year.
Kaisa Group is a Shenzhen, China-based property development company.
| Issuer: | Kaisa Group Holdings Ltd.
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| Issue: | Senior notes
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| Amount: | $200 million
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| Maturity: | Nov. 12, 2023
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| Bookrunner: | Credit Suisse, Deutsche Bank, Haitong International and China Citic Bank International, BOC International and Huatai International
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| Coupon: | 11.95%
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| Price: | 103.504
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| Call: | Make-whole call until Nov. 21, 2021, then callable at 104 until 2022 when it is callable at 102
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| Equity clawback: | For up to 35% at 111.95 at any time
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| Pricing date: | Nov. 9
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| Settlement date: | Nov. 12
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| Listing date: | Nov. 19
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| Distribution: | Regulation S
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| Original issue: | $300 million of 11.95% senior notes issued on Nov. 12, 2019
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