China's Shimao Property to redeem $250 million floaters due 2011

By Marisa Wong

Madison, Wis., April 1 - Shimao Property Holdings Ltd. announced that it will redeem in full its $250 million of outstanding floating-rate notes due Dec. 1, 2011 on May 3.

The notes will be redeemed at par plus the applicable floating-rate premium and accrued interest to the redemption date. The premium will be the greater of 1% and the present value of the remaining scheduled interest payments due on the notes through Dec. 1, 2011, which is based on Libor and computed using a discount rate equal to the adjusted Treasury rate plus 40 basis points.

The floating-rate notes will be redeemed using proceeds from the recent issuance of 11% senior notes due 2018.

Citibank, NA is the trustee.

Shimao is a real estate developer based in Shanghai.

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