China's Kaisa Group calls $388 million of 13½% senior notes due 2015

By Marisa Wong

Madison, Wis., March 20 - Kaisa Group Holdings Ltd. said it will redeem $388 million of its 13½% senior notes 2015 on April 28.

The company plans to redeem the notes at a price of 106.75 plus accrued interest to the redemption date.

As of March 19, the principal amount of 13½% notes outstanding is $648 million.

The redemption will be funded using proceeds from the company's recently priced $550 million offering of 8 7/8% senior notes due 2018.

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

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