By Rebecca Melvin
New York, Nov. 30 – China’s KWG Group Holdings Ltd. priced a $150 million add-on to its 9.85% guaranteed senior notes due 2020 at 101.5, according to an announcement.
The new notes will be consolidated with $400 million of the notes issued on Nov. 26, forming a deal size of $550 million.
Standard Chartered Bank is bookrunner for the Regulation S offering.
Proceeds will be used to refinance offshore debt.
KWG Group is a developer based in Guangzhou, China.
| Issuer: | KWG Group Holdings Ltd.
|
| Issue: | Add-on to guaranteed senior notes
|
| Amount: | $150 million
|
| Maturity: | Nov. 26, 2020
|
| Bookrunner: | Standard Chartered Bank
|
| Coupon: | 9.85%
|
| Price: | 101.5
|
| Call: | Make-whole call at any time
|
| Equity clawback: | For up to 35% at 109.85
|
| Pricing date: | Nov. 29
|
| Rating: | Fitch: BB-
|
| Distribution: | Regulation S
|
| Total deal size: | $550 million, including $400 million issued Nov. 26
|
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