China's Agile Property gives initial talk in high-8% area for perpetual benchmark dollar notes

By Christine Van Dusen

Atlanta, Jan. 10 - China's Agile Property Holdings Ltd. has set initial price talk in the high-8% area for a benchmark-size issue of dollar-denominated perpetual notes, a market source said.

Hongkong and Shanghai Banking Corp. Ltd., UBS AG, Hong Kong Branch and Morgan Stanley & Co. International plc are the lead managers and joint bookrunners. ICBC International Securities Ltd. is a joint lead manager.

The Regulation S deal includes a step-up of 300 basis points in the event of a change of control.

Proceeds will be used for the purchase of new land sites, refinancing and general working capital purposes.

Agile Property is a Hong Kong-based land development company.

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