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October 19, 2020

CCXAP assigns Logan Group Company Limited’s US dollar-denominated senior notes final BBBg- rating

Hong Kong, 19 October 2020 -- China Chengxin (Asia Pacific) Credit Ratings (“CCXAP”) has assigned Logan Group Company Limited (“Logan” or the “Company”) (BBBg-/Stable) USD300 million 5.25% senior notes due 2025 a final BBBg- rating.

 

The notes are senior obligations of the Company, guaranteed by certain of its existing subsidiaries. The notes are at least pari passu in right of payment with the existing pari passu notes and all other unsecured and unsubordinated indebtedness of the Company. The Company intends to use the net proceeds for refinancing certain of its existing indebtedness.

 

CCXAP’s final rating on the notes follows Logan's completion of its USD bond issuance, of which the final terms and conditions are consistent with expectations. The final rating is in line with the expected rating assigned on 12 October 2020.

 

CCXAP’s public ratings are available at www.ccxap.com (Rating Results) and may be distributed through media and other means. Methodology used in this rating is the Global Rating Methodology for Real Estate Development Industry dated December 2019, available at www.ccxap.com (Rating Methodologies).

 

Click here to download the press release.