Chicago, Aug. 4 – KWG Group Holdings Ltd. priced $200 million of 5.95% senior notes due Aug. 10, 2025 at par, according to a company announcement.
The joint global coordinators, joint lead managers and joint bookrunners for the Regulation S notes (//BB-) are CMBC Securities Co. Ltd. and Guotai Junan Securities (Hong Kong) Ltd.
There is a make-whole call until Aug. 10, 2023. After Aug. 10, 2023 the notes can be redeemed at 102.975 and then after Aug. 10, 2024 at 101.4875. There can be a clean-up call if not 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.
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| Issue: | Senior notes
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| Amount: | $200 million
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| Maturity: | Aug. 10, 2025
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| Bookrunners: | CMBC Securities Co. Ltd. and Guotai Junan Securities (Hong Kong) Ltd.
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| Coupon: | 5.95%
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| Price: | Par
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| Yield: | 5.95%
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| Call option: | Make-whole call prior to Aug. 10, 2023; in whole or in part at 102.975 beginning Aug. 10, 2023, at 101.4875 beginning Aug. 10, 2024
|
| Equity clawback: | For up to 35% of notes at 105.95 prior to Aug. 10, 2023
|
| Pricing date: | Aug. 3
|
| Rating: | Fitch: BB-
|
| Distribution: | Regulation S
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