By Angela McDaniels
Tacoma, Wash., April 18 – Modern Land (China) Co., Ltd. will issue $300 million of 12.85% senior notes (expected B3//expected B) due Oct. 25, 2021, according to a company news release.
Of the $300 million, $96,203,000 is being issued under an exchange offer and $203,797,000 is being issued in a concurrent Regulation S new money issuance.
The offering price for the new money issuance is 100.313.
The joint global coordinators are Credit Suisse (Hong Kong) Ltd.; Guotai Junan Securities (Hong Kong) Ltd.; Morgan Stanley & Co. International plc; Hong Kong and Shanghai Banking Corp. Ltd.; Barclays Bank plc; Bocom International Securities Ltd.; Deutsche Bank AG, Hong Kong Branch; Haitong International Securities Corp. Ltd.; Orient Securities (Hong Kong) Ltd.; and UBS AG, Hong Kong Branch.
The notes are callable in whole but not in part at par plus the applicable premium. The company also has an equity clawback option for up to 35% of the notes at 112.85% of par.
The proceeds will be used to refinance some of the company’s 6 7/8% notes due 2019.
As previously reported, the company offered to issue the new notes in exchange for up to $200 million of the 6 7/8% notes.
Holders tendered $96,203,000 of the $500 million outstanding 6 7/8% notes in the exchange offer, which ended at 11 a.m. ET on April 16.
Holders will receive $1,000 principal amount of new notes plus accrued interest per $1,000 principal amount of old notes exchanged.
The property developer is based in Beijing.
| Issuer: | Modern Land (China) Co., Ltd.
|
| Issue: | Senior notes
|
| Amount: | $300 million
|
| Maturity: | Oct. 25, 2021
|
| Global coordinators: | Credit Suisse (Hong Kong) Ltd.; Guotai Junan Securities (Hong Kong) Ltd.; Morgan Stanley & Co. International plc; Hong Kong and Shanghai Banking Corp. Ltd.; Barclays Bank plc; Bocom International Securities Ltd.; Deutsche Bank AG, Hong Kong Branch; Haitong International Securities Corp. Ltd.; Orient Securities (Hong Kong) Ltd.; and UBS AG, Hong Kong Branch
|
| Coupon: | 12.85%
|
| Price: | 100.313 for $203,797,000 new money issuance
|
| Call option: | In whole but not in part at par plus applicable premium
|
| Equity clawback: | For up to 35% of notes at 112.85% of par
|
| Pricing date: | April 17
|
| Settlement date: | April 25
|
| Expected ratings: | Moody’s: B3
|
| Fitch: B
|
| Distribution: | Regulation S
|
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