Another HK/China Developer Bond

It’s been a very busy year for Chinese companies to issue new bonds.

“Application has been made to the SGX-ST for the listing and quotation of the 2017 Notes on the SGX-ST. Admission to the Official List of the SGX-ST and quotation of the 2017 Notes on the SGX-ST is not to be taken as an indication of the merits of the Company, the Subsidiary Guarantors, the JV Subsidiary Guarantors (if any) or any other subsidiary or associated company of the Company, the 2017 Notes, the Subsidiary Guarantees or the JV Subsidiary Guarantees (if any). SGX-ST assumes no responsibility for the correctness of any of the statements made or
opinions expressed or reports contained in this announcement.” Guangdong-based developer Agile Group said on August 8 that the Company and the Subsidiary Guarantors entered into the Purchase Agreement with Standard Chartered Bank, HSBC, ABC International and China Securities International, in connection with the issue of USD200 million 5.125% senior notes due 2022.

 

“No listing of the 2017 Notes has been, or will be, sought in Hong Kong.” the company said in filing in HK.

The estimated net proceeds of the 2017 Notes Issue, after deducting the underwriting fees, commissions and other estimated expenses in connection with the 2017 Notes Issue, will amount to approximately USD196 million.  The Company intends to use the net proceeds of the 2017 Notes to refinance part of the 2014 Notes.

Earlier in the year, China Evergrande on March 19 said it issued USD500 million 7.0% senior notes due 2020 and USD1 billion 8.25% senior notes due 2022. The company said it intends to use to refinance existing indebtedness after deducting the underwriting discounts and commissions and other estimated expenses payable in connection with the notes issue. Approval in-principle has been received from the SGX-ST for the listing and quotation of the notes on the SGX-ST. Admission of the notes to the SGX-ST is not to be taken as an indication of the merits of the company or the notes, the company said. Credit Suisse was the coordinator.

On March 24, China Evergrande said it proposes to offer another USD senior notes due 2024 up to USD 1 billion with IR of 9.50% per annum, seeking listing on SGX-ST. The SGX-ST assumes no responsibility for the correctness of any of the statements made, opinions expressed or reports contained, Evergrande said in a filing.

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