China's Agile Property to sell $500 million seven-year notes to fund call for 9% notes due 2013

By Paul A. Harris

St. Louis, April 20 - Agile Property Holdings Ltd. expects to price a $500 million offering of seven-year guaranteed senior fixed-rate notes (Ba3/BB) on Wednesday, during the New York morning, according to an informed source.

Bank of America Merrill Lynch and Morgan Stanley are the joint bookrunners for the notes, which are offered via Rule 144A and Regulation S.

The notes come with four years of call protection.

Proceeds will be used to exercise a make-whole call for the Hong Kong-based land development company's outstanding 9% notes due 2013 and for general corporate purposes.

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