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China's Renhe Commercial talks benchmark dollar-denominated five-year notes to yield 12% area
By Paul A. Harris
St. Louis, May 12 - China's Renhe Commercial Holdings Co. Ltd. (Ba2/BB) talked its benchmark dollar-denominated five-year notes with a yield in the 12% area on Wednesday, according to market sources.
The Rule 144A and Regulation S deal is expected to price Thursday.
The deal had been delayed due to volatility in the global capital markets.
Bank of America Merrill Lynch, BOC International, JPMorgan and UBS Investment Bank are the bookrunners.
Proceeds will be used to finance existing projects, to acquire and develop new projects and for working capital.
Renhe Commercial is a Harbin, China-based developer and operator of underground shopping centers.
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