By Wendy Van Sickle
Columbus, Ohio, Jan. 6 – KWG Group Holdings Ltd. priced $300 million of 7.4% senior notes due Jan. 13, 2027 at par on Monday, according to a company announcement.
The bookrunner for the Regulation S notes (//BB-) is Haitong International.
March 5, 2022. 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 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
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| Amount: | $300 million
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| Maturity: | Jan. 13, 2027
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| Bookrunner: | Haitong International
|
| Coupon: | 7.4%
|
| Price: | Par
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| Yield: | 7.4%
|
| Call option: | Make-whole call prior to Jan. 13, 2024; in whole or in part at 103 beginning Jan. 13, 2024, at 101 beginning Jan. 13, 2025 and at par beginning Jan .13, 2026
|
| Equity clawback: | For up to 35% of notes at 107.4 prior to Jan. 13, 2024
|
| Pricing date: | Jan. 6
|
| Rating: | Fitch: BB-
|
| Distribution: | Regulation S
|
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