By Christine Van Dusen
Atlanta, March 10 – China’s Shimao Property Holdings Ltd. priced a $300 million add-on to its 8 3/8% notes due Feb. 10, 2022 (Ba2/BB/BB+) at 101.723 to yield 8% on Tuesday, a market source said.
The notes were talked at 8%.
The original $800 million notes priced in February at par.
HSBC, Standard Chartered Bank, Goldman Sachs, UBS, JPMorgan, Morgan Stanley and CLSA Ltd. were the bookrunners for the Regulation S deal.
The proceeds will be used to finance existing and new property development projects and for other general corporate purposes.
The real estate development company is based in Hong Kong.
| Issuer: | Shimao Property Holdings Ltd.
|
| Amount: | $300 million
|
| Maturity: | Feb. 10, 2022
|
| Description: | Add-on to 8 3/8% senior notes due 2022
|
| Bookrunners: | HSBC, Standard Chartered Bank, Goldman Sachs, UBS, JPMorgan, Morgan Stanley, CLSA Ltd.
|
| Coupon: | 8 3/8%
|
| Price: | 101.723
|
| Yield: | 8%
|
| Trade date: | March 10
|
| Settlement date: | March 15
|
| Ratings: | Moody’s: Ba2
|
| Standard & Poor’s: BB
|
| Fitch: BB+
|
| Distribution: | Regulation S
|
| Price talk: | 8%
|
| Total amount: | $1.1 billion, including $800 million priced in February at par
|
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