China Evergrande subsidiary plans add-on to 11% notes due 2020

By Rebecca Melvin

New York, Nov. 19 – China Evergrande Group’s Scenery Journey Ltd. subsidiary plans to price an add-on to its 11% senior notes due 2020, according to a company news release.

The Guangzhou, China-based real estate development company priced the original $565 million of 11% notes as part of a triple tranche offering on Oct. 30.

China Citic Bank International, CEB International and Haitong International are the joint global coordinators, joint bookrunners and joint lead managers for the add on.

Upon final pricing, China Citic Bank International, CEB International and Haitong International as initial purchasers, Hengda Real Estate as keepwell and equity interest purchase undertaking provider, Tianji Holding as parent guarantor, the issuer and subsidiary guarantors will enter into a purchase agreement.

Proceeds will be used to refinance offshore debt.

Scenery Journey is incorporated in the British Virgin Islands and is an indirect wholly owned subsidiary of China Evergrande.

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