New Issue: Logan Property prices $100 million add-on to 6 7/8% notes due 2021

By Rebecca Melvin

New York, May 23 – China’s Logan Property Holdings Co. Ltd. priced a $100 million add-on to its 6 7/8% senior notes due 2021 (//BB-) at 98.388 on Wednesday, according to an announcement.

Credit Suisse, Deutsche Bank, Guotai Junan International, Haitong International, Standard Chartered Bank, China Industrial Securities International, China Minsheng Banking Corp., Ltd., Hong Kong Branch, VTB Capital and Orient Securities (Hong Kong) were the bookrunners for the Regulation S sale.

Proceeds will be used to refinance debt and for general corporate purposes.

Logan priced the original $300 million of notes on April 18 at 99.667.

Logan Property is a Shenzhen-based real estate development company.

Issuer:	Logan Property Holdings Co. Ltd.
Issue:	Add-on to senior notes due 2021
Amount:	$100 million
Maturity:	April 24, 2021
Bookrunners:	Credit Suisse, Deutsche Bank, Guotai Junan International, Haitong International, Standard Chartered Bank, China Industrial Securities International, China Minsheng Banking Corp., Ltd., Hong Kong Branch, VTB Capital and Orient Securities (Hong Kong)
Coupon:	6 7/8%
Price:	98.388
Call:	Make-whole call until April 24, 2020, then at 102
Equity clawback:	For up to 35% at 106.875 until April 24, 2021
Pricing date:	May 23
Rating:	Fitch: BB-
Distribution:	Regulation S
Total deal size:	$400 million, including $300 million priced on April 18 at 99.667

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