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KWG Property to redeem US$300M of senior notes

KWG Property Holding Ltd. plans to redeem US$300.0 million of 8.625% senior notes due 2020 on Feb. 26.

The company will fully redeem the bonds price at a price equal to 104.3125% of the principal amount plus accrued and unpaid interest up to, but excluding, the redemption date.

KWG intends to use internal resources to pay for the redemption. The bonds will be delisted on the Hong Kong bourse upon the redemption.

The company also said in a separate filing that it secured a dual currency term loan facility worth roughly HK$1.49 billion and US$150 million with a greenshoe option of US$250 million.

KWG plans to use the facility to refinance existing debt and to fund corporate funding requirements.

Hang Seng Bank Ltd., The Hongkong and Shanghai Banking Corp. Ltd., Standard Chartered Bank (Hong Kong) Ltd., The Bank of East Asia Ltd. and Chong Hing Bank Ltd. are the lenders, mandated lead arrangers and book runners. Standard Chartered Bank (Hong Kong) also serves as the agent of the loan facility deal.