Powerlong Real Estate Holdings Limited 寶龍地產控股有限公司 (於開曼群島註冊成立之有限責任公司) (股份代號: 1238)
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香港交易及結算所有限公司以及香港聯合交易所有限公司對本公佈的內容概 不負責,對其準確性或完整性亦不發表任何聲明,並明確表示,概不會就因本 公佈全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任 何責任。 本公佈不會直接或間接於或向美國(包括美國的領土及屬地、任何州以及哥倫 比亞特區)發表、發行、分派。本公佈以提供信息為目的並不構成在美國或任何 其他司法權區提呈出售任何證券的建議或招攬購買任何證券。倘未根據任何 該等司法權區的證券法例辦理登記或符合資格而於上述地區進行上述建議或 招攬或出售即屬違法。倘未經辦理有關登記或已獲適用豁免辦理有關登記規 定,證券一概不得在美國境內發售或出售。於美國境內公開發售任何證券將須 以招股章程形式作出。該份招股章程將載列關於提呈發售的公司以及其管理 層及財務報表的詳盡資料。本公司目前無意於美國境內公開發售證券。 POWERLONG REAL ESTATE HOLDINGS LIMITED 寶龍地產控股有限公司 (於開曼群島註冊成立之有限責任公司) (股份代號:1238) 海外監管公佈 本海外監管公佈乃根據香港聯合交易所有限公司(「聯交所」)證券上市規則(「上 市規則」)第 13.10B條而發表。 茲提述本公司日期為2019年1月7日就發行票據而發表的兩份公佈(「該等公佈」)。 除另有界定外,本公佈所用的全部詞彙與該等公佈所界定者具有相同涵義。 董事會欣然宣佈,購買協議項下所有先決條件已獲達成,而發行票據已於2019 年 1 月 14日完成。 請參閱隨附有關票據的發售通函(「發售通函」),發售通函已於2019年 1 月 16日同 步在新交所網站刊登。 – 1 – 在聯交所網站登載發售通函僅為促進向香港投資者平等發佈信息以及遵守上 市規則第13.10B條,概無任何其他目的。發售通函並不構成向任何司法權區的 公眾人士要約出售任何證券的招股章程、通知、通函、冊子、公佈或文件,亦非 邀請或招攬公眾人士作出收購、認購或購買任何證券的要約,且並非刻意邀請 或招攬公眾人士作出收購、認購或購買任何證券的要約。發售通函不得視為勸 誘認購或購買本公司任何證券,亦不擬作出有關勸誘。不應根據發售通函所載 資料作出任何投資決定。 承董事會命 寶龍地產控股有限公司 主席 許健康 香港,2019年 1 月 16日 於本公佈日期,執行董事為許健康先生、許華芳先生、肖清平先生、施思妮女士 及張洪峰先生;非執行董事為許華芬女士;及獨立非執行董事為魏偉峰博士、 梅建平博士及丁祖昱博士。 – 2 – STRICTLY CONFIDENTIAL US$200,000,000 Powerlong Real Estate Holdings Limited 寶龍地產控股有限公司 (incorporated with limited liability under the laws of the Cayman Islands) 9.125% SENIOR NOTES DUE 2021 Issue Price: 99.331% The 9.125% Senior Notes due 2021 (the “Notes”) will bear interest from January 14, 2019 at 9.125% per annum payable semi-annually in arrears on January 14 and July 14 of each year, commencing July 14, 2019. The Notes are general obligations of the Company, guaranteed (the “Subsidiary Guarantees”) by its existing subsidiaries (the “Subsidiary Guarantors”) other than (i) those organized under the laws of the PRC, (ii) certain other subsidiaries that are guaranteeing the Notes (the “JV Subsidiary Guarantees”) on a limited recourse basis (the “JV Subsidiary Guarantors”) and (iii) certain other subsidiaries specified in the “Description of the Notes”. At any time, we may, at our option, redeem the Notes, in whole but not in part, at a redemption price equal to 100% of the principal amount of the Notes plus a premium as set forth in this offering circular, and accrued and unpaid interest, if any, to (but not including) the redemption date. At any time and from time to time, we may redeem up to 35% of the aggregate principal amount of the Notes with the net cash proceeds of one or more sales of common stock of the Company at a redemption price of 109.125% of the principal amount of the applicable Notes, plus accrued and unpaid interest, if any, to (but not including) the redemption date. No later than 30 days following a Change of Control Triggering Event (as defined in the “Description of the Notes”), we must make an offer to repurchase all Notes outstanding at a purchase price equal to 101% of their principal amount, plus accrued and unpaid interest, if any, to (but not including) the date of repurchase. The Notes will (1) are general obligations of the Company; (2) rank senior in right of payment to any existing and future obligations of the Company expressly subordinated in right of payment to the Notes; (3) rank at least pari passu in right of payment against the Company with respect to the First 2021 Notes, the 2020 Notes, the Second 2021 Notes, the Convertible Bonds and all unsecured, unsubordinated indebtedness of the Company (subject to any priority rights of such unsubordinated indebtedness pursuant to applicable law); (4) be effectively subordinated to the secured obligations of the Company, the Subsidiary Guarantors and the JV Subsidiary Guarantors, to the extent of the value of the assets serving as security therefor; and (5) be effectively subordinated to all existing and future obligations of the Non-Guarantor Subsidiaries (as defined in the “Description of the Notes”). However, applicable law may limit the enforceability of the Subsidiary Guarantees, the JV Subsidiary Guarantees and the pledge of any collateral. See “Risk Factors — Risks Relating to the Subsidiary Guarantees, the JV Subsidiary Guarantees and the Collateral.” For a more detailed description of the Notes, see “Description of the Notes” beginning on page 201. Investing in the Notes involves significant risks. See “Risk Factors” beginning on page 14. Approval in-principle has been received for the listing and quotation of the Notes on the SGX-ST. The SGX-ST assumes no responsibility for the correctness of any of the statements made or opinions expressed or reports contained herein. Approval in-principle for the listing and quotation of the Notes on the SGX-ST is not to be taken as an indication of the merits of the Company, the Subsidiary Guarantors, the JV Subsidiary Guarantors or the Notes. The Notes will be issued only in fully registered form, without coupons, in minimum denominations of US$200,000 of principal amount and integral multiples of US$1,000 in excess thereof. The Notes, the Subsidiary Guarantees and the JV Subsidiary Guarantees have not been and will not be registered under the United States Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold within the United States. The Notes are being offered and sold only outside the United States in compliance with Regulation S under the Securities Act. For a description of certain restrictions on resale or transfer, see “Transfer Restrictions.” The Notes have been rated B by Standard and Poor’s Ratings Services (“S&P”) and B2 by Moody’s Investors Service, Inc. (“Moody’s”). A security rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, reduction or withdrawal at any time by the assigning rating agency. Pursuant to the Circular on Promoting the Reform of the Filing and Registration System on the Issuance by Enterprises of Foreign Debt (國家發展改革委關於推進企業發行外債備案登記制管理改革的通知(發改外資[2015]2044號)) (the “NDRC Circular”) issued by the National Development and Reform Commission of the PRC or its local counterparts (“NDRC”) on September 14, 2015 which came into effect on the same day, the Company has registered the issuance of the Notes with the NDRC and obtained a certificate from NDRC on December 12, 2018 evidencing such registration and undertakes to provide the requisite information on the issuance of the Notes to the NDRC within 10 business days after the issue date of the Notes. It is expected that the delivery of the Notes will be made on or about, January 14, 2019 through the book-entry facilities of Euroclear Bank SA/NV (“Euroclear”) and Clearstream Banking S.A. (“Clearstream”). See “Plan of Distribution.” Joint Lead Managers and Joint Bookrunners (alphabetically) Guotai Junan International Haitong International UBS The date of this offering circular is January 7, 2019 TABLE OF CONTENTS Pages Pages Summary......................... 1 Regulation ........................ 140 The Offering ...................... 4 Management ...................... 173 Summary Consolidated Financial and Principal Shareholders ............... 179 Other Data ...................... 10 Related Party Transactions ............ 180 Risk Factors ...................... 14 Description of Other Material Use of Proceeds .................... 43 Indebtedness .................... 182 Exchange Rate Information ........... 44 Description of the Notes .............. 201 Capitalization ..................... 46 Consolidated Financial and Taxation ......................... 265 Other Data ...................... 48 Plan of Distribution ................. 267 Management’s Discussion and Analysis Transfer Restrictions ................ 271 of Financial Condition and Results Ratings .......................... 272 of Operations .................... 52 Legal Matters ..................... 273 Industry Overview .................. 83 Auditor .......................... 274 Corporate Structure ................. 95 General Information ................. 275 Business ......................... 101 Index to Financial Information ......... F-1 Recent Developments ................ 139 THIS OFFERING CIRCULAR DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY NOTE OFFERED HEREBY IN ANY JURISDICTION TO ANY PERSON TO WHOM IT IS UNLAWFUL TO MAKE THE OFFER OR SOLICITATION IN SUCH JURISDICTION. NEITHER THE DELIVERY OF THIS OFFERING CIRCULAR NOR ANY SALE MADE HEREUNDER SHALL, UNDER ANY CIRCUMSTANCES, CREATE ANY IMPLICATION THAT THERE HAS BEEN NO CHANGE IN OUR AFFAIRS SINCE THE DATE OF THIS OFFERING CIRCULAR OR THAT THE INFORMATION CONTAINED IN THIS OFFERING CIRCULAR IS CORRECT AS OF ANY TIME AFTER THAT DATE. This offering circular is not a prospectus for the purposes of the European Union’s Directive 2003/71/EC (and any amendments thereto) as implemented in member states of the European Economic Area (the “EEA”). The communication of this offering circular and any other document or materials relating to the issue of the Securities described therein is not being made, and such documents and/or materials have not been approved, by an authorized person for the purposes of section 21 of the United Kingdom’s Financial Services and Markets Act 2000, as amended. Accordingly, such documents and/or materials are not being distributed to, and must not be passed on to, the general public in the United Kingdom. The communication of such documents and/or materials as a financial promotion is only being made to those persons in the United Kingdom who have professional experience in matters relating to investments and who fall within the definition of investment professionals (as defined in Article 19(5) of the Financial Services