Confirming a recent report, Sunac China Holdings Ltd. is issuing a total of US$1 billion in senior notes, comprising US$400 million of 6.875% senior notes due 2020 and US$600 million in 7.950% senior notes due 2022.
The proceeds from the notes are intended to refinance the company's existing debt.
The issue price of the 2020 notes will be 99.005% of the principal amount, and the 2022 notes' is 98.991% of the principal amount.
The notes will be issued on the official list of the Singapore stock exchange and no listing will be sought in Hong Kong.
The Hongkong and Shanghai Banking Corp. Ltd., Morgan Stanley & Co. International plc, China CITIC Bank International Ltd., Citigroup Global Markets Ltd., CMB International Capital Corp. Ltd., Haitong International Securities Co. Ltd., Industrial Bank Co. Ltd. Hong Kong Branch, ICBC International Securities Ltd. and SPDB International Capital Ltd. are the joint global coordinators and joint book runners for the offer.