Hong Kong's Shimao Property calls all $350 million 8% notes due 2016

By Marisa Wong

Madison, Wis., June 17 - Shimao Property Holdings Ltd. said it plans to redeem its 8% senior notes due 2016 in full on July 14.

The notes will be redeemed at 102.667 plus accrued interest to the redemption date.

As of June 14, the outstanding principal amount of the bonds is $350 million.

The company said it will use bank borrowings to fund the redemption.

Citibank, NA is the trustee.

The real estate development company is based in Hong Kong.

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