By Angela McDaniels
Tacoma, Wash., May 15 - Central China Real Estate Ltd. priced S$200 million of 6½% senior notes due 2017 at par, according to a company announcement.
Credit Suisse (Singapore) Ltd., DBS Bank Ltd. and Morgan Stanley & Co. International plc are the joint bookrunners and joint lead managers for the Regulation S issue.
The notes are callable at par plus a premium at any time.
Proceeds will be used to refinance the company's convertible bonds issued in 2009 with warrants and for general corporate purposes.
The investment holding company is based in Zhengzhou City, China. It primarily engages in the property development business in the Henan Province of China.
| Issuer: | Central China Real Estate Ltd.
|
| Issue: | Senior notes
|
| Amount: | S$200 million
|
| Maturity: | May 26, 2017
|
| Coupon: | 6½%
|
| Price: | Par
|
| Yield: | 6½%
|
| Bookrunners: | Credit Suisse (Singapore) Ltd., DBS Bank Ltd. and Morgan Stanley & Co. International plc
|
| Call option: | At any time at par plus premium equal to greater of (a) 1% and (b) all required remaining scheduled interest payments through maturity computed using discount rate equal to 2.5%
|
| Pricing date: | May 15
|
| Settlement date: | May 26
|
| Distribution: | Regulation S
|
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