China's Kaisa to refinance RMB 2 billion dollar-settled 8½% notes

By Angela McDaniels

Tacoma, Wash., Jan. 3 - Kaisa Group Holdings Ltd. plans to use the proceeds of a new issue of notes to refinance RMB 2 billion of dollar-settled 8½% senior secured guaranteed bonds due 2014, according to a company announcement.

The company priced $500 million of 10¼% senior notes due 2020 at par on Jan. 3.

The net proceeds of the Regulation S deal are expected to be $489 million. The company said it plans to use more than 90% of the net proceeds to refinance the 8½% notes and a $120 million exchangeable term loan with PA International Opportunity VI Ltd. The remainder will be used for general corporate purposes.

Citigroup Global Markets Ltd., Credit Suisse Securities (Europe) Ltd., J.P. Morgan Securities plc and UBS AG, Hong Kong Branch are the underwriters for the new issue.

Kaisa Group is a Shenzhen, China-based property development company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.