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

By Toni Weeks

San Luis Obispo, Calif., July 17 - Shimao Property Holdings Ltd. said it redeemed its $350 million principal amount of 8% senior notes due 2016 in full on July 17.

The notes were redeemed at 102.667% of par, or $359,334,500, plus $3,577,770 of accrued interest for a total redemption price of $362,912,270.

As previously reported, the company announced the redemption on June 14, but the redemption notice was not sent to noteholders until June 17. As a result, the redemption date had to be pushed back to July 17 from July 14.

When the redemption was announced, the company said it would use bank borrowings to fund the transaction.

Citibank, NA is the trustee.

The real estate development company is based in Hong Kong.

© 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.