By Sarah Lizee
Olympia, Wash., July 16 – Powerlong Real Estate Holdings Ltd. sold $170 million of 6.95% senior notes due July 23, 2023 at 98.974, according to an announcement.
Bank of America Merrill Lynch, CEB International, CLSA, CMB International, Credit Suisse, Guotai Junan International and UBS are the joint lead managers and joint bookrunners for the Regulation S offering.
The notes may be redeemed at 103.475 during the 12 months beginning July 23, 2021 and at 101.7375 during the 12 months beginning July 23, 2022, in each case plus accrued interest to but excluding the redemption date.
The notes have certain financial covenants that limit the company and its subsidiaries’ ability to incur additional debt, among other things.
Proceeds will be used to refinance existing debt.
The real estate company is based in Hong Kong.
| Issuer: | Powerlong Real Estate Holdings Ltd.
|
| Issue: | Senior notes
|
| Amount: | $170 million
|
| Maturity: | July 23, 2023
|
| Bookrunners: | Bank of America Merrill Lynch, CEB International, CLSA, CMB International, Credit Suisse, Guotai Junan International and UBS
|
| Coupon: | 6.95%
|
| Price: | 98.974
|
| Call options: | At 103.475 during the 12 months beginning July 23, 2021 and at 101.7375 during the 12 months beginning July 23, 2022, plus accrued interest; 35% equity clawback at 106.95
|
| Pricing date: | July 16
|
| Issue date: | July 23
|
| Distribution: | Regulation S
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
