China's Country Garden to refinance 11¼% notes with new issue proceeds

By Angela McDaniels

Tacoma, Wash., May 15 - Country Garden Holdings Co. Ltd. plans to refinance its $550 million 11¼% senior notes due 2017, according to a company announcement.

The company said it will use the proceeds of its $550 million issue of 7 7/8% senior notes due 2019 (expected: Ba2/BB/BB+), which priced at 98.989 on May 15.

Proceeds will also be used for general corporate purposes.

Country Garden is a Foshan, China-based real estate developer focused on large-scale residential communities.

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