On 9th January 2020, Admiralty Harbour acted as a Joint Bookrunner and Joint Lead Manager for the US$300m 10.5% 2-year senior notes offering (the "Notes") for Radiance Group Co., Ltd (the “Company” or “Radiance”).
Radiance Group is rated B Positive/B Stable/BB- Positive (S&P/Fitch/Lianhe Global) and the issue rating is B (Fitch). Use of proceeds is mainly for refinance existing onshore indebtedness. On the back of strong order book of over US$3.3 billion, representing 11x oversubscription, the Notes were priced at 11.375%, 50bps tightening from its IPG.
Radiance Group Co., Ltd is a large-scale real estate developer in China, principally engaged in commercial real estate development, property management, and real estate leasing.
Since its establishment in 1996, Radiance has taken root in the Yangtze River Delta, Bohai Rim, South China, East China, Southwest China, Northwest China and other economically developed areas with high potentials and has become a national brand focusing on the development of high-quality residential properties, with a cumulative development scale of more than 20 million square meters and more than 100 projects. According to the Mainland Developers Ranking by 2019 First Half Year Contracted Sales issued by CRIC, the Company is at the 30th place. At the same time, Radiance is rewarded “2019 Steady Real Estate Company” by House.China.com.