Published on 11/9/2020 in the Prospect News Emerging Markets Daily.
New Issue: China’s KWG Group prices $400 million 6.3% notes due 2026 at par
By Marisa Wong
Los Angeles, Nov. 9 – KWG Group Holdings Ltd. priced $400 million of 6.3% senior notes due Feb. 13, 2026 at par, according to a company announcement.
Merrill Lynch (Asia Pacific) Ltd., China Citic Bank International Ltd., CMBC Securities Co. Ltd., Goldman Sachs (Asia) LLC, Guotai Junan Securities (Hong Kong) Ltd., Haitong International Securities Co. Ltd., J.P. Morgan Securities plc and Standard Chartered Bank are the joint global coordinators, joint lead managers and joint bookrunners for the Regulation S notes (//BB-).
Proceeds will be used to refinance existing medium- to long-term offshore debt due within one year.
Some subsidiaries of the company will guarantee the notes.
KWG Property is a property developer based in Guangzhou, China.
Issuer: | KWG Group Holdings Ltd.
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Issue: | Senior notes
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Amount: | $400 million
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Maturity: | Feb. 13, 2026
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Bookrunners: | Merrill Lynch (Asia Pacific) Ltd., China Citic Bank International Ltd., CMBC Securities Co. Ltd., Goldman Sachs (Asia) LLC, Guotai Junan Securities (Hong Kong) Ltd., Haitong International Securities Co. Ltd., J.P. Morgan Securities plc and Standard Chartered Bank
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Coupon: | 6.3%
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Price: | Par
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Yield: | 6.3%
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Call options: | In whole but not in part at make-whole price prior to Feb. 13, 2024; in whole or in part at 103.15 beginning Feb. 13, 2024 and at 101.575 beginning Feb. 13, 2025; clean-up call at par if no more than 10% of notes remain outstanding
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Equity clawback: | For up to 35% of notes at 106.3 at any time prior to Feb. 13, 2024
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Pricing date: | Nov. 6
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Rating: | Fitch: BB-
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Distribution: | Regulation S
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