By Sarah Lizee
Olympia, Wash., March 19 – KWG Group Holdings Ltd. priced $350 million of additional 7 7/8% senior notes due Sept. 1, 2023 at 102.125% of par, according to a company announcement.
The notes will be consolidated and form a single class with the $350 million original notes issued on March 1, bringing the total deal size to $700 million.
The terms of the additional notes are the same as with the original notes, the company said.
Credit Suisse is the bookrunner, lead manager and global coordinator for the additional notes.
The notes are callable in whole but not in part at par plus a premium prior to Sept. 1, 2021, according to the original notes’ terms. They will be callable in whole or in part at 102% of par beginning Sept. 1, 2021 and at 101% of par beginning Sept. 1, 2022. The company has an equity clawback option for up to 35% of the notes at 107.875 prior to Sept. 1, 2021. It also has a clean-up call at par if no more than 10% of the notes remain outstanding.
Proceeds will be used to refinance onshore and offshore debt.
Some subsidiaries of the company will guarantee the notes.
KWG Property is a developer based in Guangzhou, China.
| Issuer: | KWG Group Holdings Ltd.
|
| Issue: | Senior notes add-on
|
| Amount: | $350 million
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| Maturity: | Sept. 1, 2023
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| Bookrunner: | Credit Suisse
|
| Coupon: | 7 7/8%
|
| Price: | 102.125%
|
| Yield: | 7 7/8%
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| Call option: | In whole but not in part at par plus a premium prior to Sept. 1, 2021; in whole or in part at 102 beginning Sept. 1, 2021 and at 101 beginning Sept. 1, 2022; clean-up call at par if no more than 10% of notes remain outstanding
|
| Equity clawback: | For up to 35% of notes at 107.875 prior to Sept. 1, 2021
|
| Pricing date: | March 19
|
| Distribution: | Regulation S
|
| Total deal size: | $700 million, including $350 million issued March 1
|
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