China's Country Garden to redeem 11¼% notes on June 15 at 105.625

By Marisa Wong

Madison, Wis., May 19 - Country Garden Holdings Co. Ltd. said it will redeem its outstanding $550 million 11¼% senior notes due 2017 in full on June 15.

The notes will be redeemed at 105.625 plus accrued interest to the redemption date.

As previously announced, the company will refinance the 11¼% notes using proceeds of its newly issued 7 7/8% senior notes due 2019 and privately placed 7½% senior notes due 2019.

Country Garden is a Foshan, China-based real estate developer focused on large-scale residential communities.

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