New Issue: China’s Redsun sells $250 million 10½% notes due 2022 at 96.274

By Sarah Lizee

Olympia, Wash., June 25 – Redsun Properties Group Ltd. sold $250 million of 10½% senior notes due 2022 at 96.274, according to a company announcement.

China International Capital Corp., Barclays, Credit Suisse, Guotai Junan International, CCB International, BOC International, CMB International, Haitong International, Heung Kong Financial, HSBC and Morgan Stanley are the joint bookrunners and joint lead managers for the Regulation S deal.

There is a make-whole call until July 3, 2021 when the notes will become callable at 104 plus accrued interest.

Proceeds will be used to refinance existing debt and for general working capital purposes.

The real estate development company is based in Nanjing, China.

Issuer:	Redsun Properties Group Ltd.
Issue:	Senior notes
Amount:	$250 million
Maturity:	Oct. 3, 2022
Bookrunners:	China International Capital Corp., Barclays, Credit Suisse, Guotai Junan International, CCB International, BOC International, CMB International, Haitong International, Heung Kong Financial, HSBC and Morgan Stanley
Coupon:	10½%
Price:	96.274
Call option:	Make-whole call until July 3, 2021, then at 104
Equity clawback:	For up to 35% at 110.5
Settlement date:	June 25
Rating:	Fitch: B
Distribution:	Regulation S

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