China’s Modern Land to sell new notes to coincide with exchange offer

By Rebecca Melvin

New York, April 9 – Modern Land (China) Co., Ltd. is planning to issue new notes in conjunction with its exchange offer for up to $300 million of its 6 7/8% notes due 2019, according to a notice.

The new notes are being issued separately but on the same terms as the exchange notes, and pricing is expected to occur on Thursday.

The proceeds of the new issuance will be used to refinance the existing notes and finance acquisitions or development of assets, real or personal property or equipment and for general corporate purposes.

Credit Suisse, Guotai Junan International and Morgan Stanley are bookrunners of the Regulation S deal.

The property developer is based in Beijing.

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