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KWG Property officially changes name


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KWG Property officially changes name

KWG Property Holding Ltd. officially changed its name to KWG Group Holdings Ltd., following the Aug. 7 issuance of a certificate from the Registrar of Companies in Hong Kong and the July 16 approval of shareholders of the plan.

The developer also altered its Chinese name at the same time, while the change of its stock short name for trading on the Hong Kong stock exchange will become effective from Aug. 16 at 9 a.m. Hong Kong time.

The change of the company's stock short name to KWG GROUP from KWG PROPERTY will impact the names of a total of US$2.15 billion worth of senior notes, spread over five offerings.

In line with its name change, the developer also incorporated a new logo and website, with the site to go live Sept. 1.

Separately, the developer will issue US$350 million worth of 7.875% senior notes due 2021, after making an application to the Hong Kong bourse to list and deal in the notes Aug. 10. The offering will yield proceeds to be used to refinance certain of its offshore debt.

Goldman Sachs (Asia) LLC, Guotai Junan International, HSBC, Morgan Stanley and Standard Chartered Bank are serving as joint book runners and lead managers for the offering, the company said in a release.