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Agile Property (China) high yield bonds price at 99.9 to yield 9.9%; terms

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Agile Property (China) high yield bonds price at 99.9 to yield 9.9%; terms

Chinese property development company Agile Property placed an issue of senior unsecured notes. The Reg S, registered bonds priced at the tight end of guidance of 9.9-10%, in firm market conditions, sources said. Bookrunners were HSBC, Standard Chartered Bank, and UBS. Of the final order book, which totaled roughly $6.25 billion, 82% of the deal was placed with investors in Asia, and 18% was placed in Europe, sources said. Notes are guaranteed by certain non-PRC subsidiaries. The company plans to use proceeds to finance land acquisitions, refinance debt, and fund general corporate purposes. Terms:

 

Issuer Agile Property Holdings Ltd.
Ratings BB/Ba2
Amount $700 million
Issue senior notes (Reg S)
Coupon 9.875%
Price 99.903
Yield 9.9%
Spread T+895.4
FRN eq.
Maturity March 20, 2017
Call
Trade May 13, 2012
Settle May 20, 2012 (t+5)
Books HSBC/SCB/UBS
Jt Leads
Co’s
Px talk 9.9-10%
Notes