By Wendy Van Sickle
Columbus, Ohio, Dec. 20 – Modern Land (China) Co., Ltd. said it priced $150 million of 15.5% green senior notes due July 2, 2020 (B+) at par on Thursday.
Guotai Junan International, HSBC, UBS, Morgan Stanley, Deutsche Bank, Southwest Securities International and Haitong International are the joint global coordinators, joint bookrunners and joint lead managers for the Regulation S offering.
Proceeds will be used to refinance debt related to new and existing projects and businesses with environmental benefits.
HSBC is the green structuring adviser.
The property developer is based in Beijing.
| Issuer: | Modern Land (China) Co., Ltd.
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| Issue: | Green enior notes
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| Amount: | $150 million
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| Maturity: | July 2, 2020
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| Coupon: | 15.5%
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| Price: | Par
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| Yield: | 15.5%
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| Bookrunners: | Guotai Junan International, HSBC, UBS, Morgan Stanley, Deutsche Bank, Southwest Securities International and Haitong International
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| Call option: | Make-whole call at any time
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| Equity clawback: | For 35% at 115.5
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| Put option: | At 101 upon change of control or delisting
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| Pricing date: | Dec. 20
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| Issue date: | Jan. 2
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| Ratings: | Moody’s: B3
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| Distribution: | Regulation S
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