New Issue: China’s DaFa Properties prices $180 million 12 7/8% notes due 2021

By Rebecca Melvin

New York, July 5 – DaFa Properties Group Ltd. priced $180 million of 12 7/8% senior notes due 2021 (expected ratings: B3/B-), according to a company announcement.

The company may call the full issue at par plus a make-whole amount and accrued and unpaid interest at any time. It may also call up to 35% of the issue with equity buyback proceeds at any time for 112.875, plus interest.

Barclays, BOC International, CCB International, CLSA, CMB International, Credit Suisse, Deutsche Bank, Haitong International, HeungKong Financial and Natixis were joint global coordinators, joint bookrunners and joint lead managers for the Regulation S deal.

The company plans to use proceeds to refinance existing debt.

DaFa is a real estate developer based in Shanghai.

Issuer:	DaFa Properties Group Ltd.
Issue:	Senior notes
Amount:	$180 million
Maturity:	July 11, 2021
Bookrunners:	Barclays, BOC International, CCB International, CLSA, CMB International, Credit Suisse, Deutsche Bank, Haitong International, HeungKong Financial and Natixis
Coupon:	12 7/8%
Call option:	In whole at make-whole amount at any time
Equity clawback:	Up to 35% at 112.875 at any time
Ratings:	Moody’s: B3
	S&P: B-
Distribution:	Regulation S

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