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China's Kaisa Group calls remaining $260 million 13½% notes due 2015
By Marisa Wong
Madison, Wis., April 22 - Kaisa Group Holdings Ltd. said it will redeem $260 million of its 13½% senior notes 2015 on May 22 at 106.75 plus accrued interest to the redemption date.
The company issued a call notice for $388 million of its 13½% notes last month. That partial redemption is scheduled for April 28, and those notes will also be redeemed at 106.75 plus accrued interest.
As of April 22, the principal amount of 13½% notes outstanding was $648 million.
Following the May 22 redemption, all of the 13½% notes will be cancelled.
The April 28 redemption will be funded with proceeds from the company's recently priced $550 million offering of 8 7/8% senior notes due 2018, and the May 22 redemption will be funded with proceeds from the company's RMB 1.8 billion issue of 6 7/8% notes due 2016.
Kaisa Group is a Shenzhen, China-based property development company.
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