China's Shimao Property offers $500 million senior notes via Morgan Stanley, Goldman Sachs

By Paul A. Harris

St. Louis, Nov. 8 - Shimao Property Holdings Ltd. will begin a roadshow on Thursday in Singapore for its $500 million offering of senior notes (Baa3/BB+), according to an informed source.

The company is offering five-year fixed-rate or floating rate notes and 10-year fixed-rate notes that will come with five years of call protection. Tranche sizes remain to be determined.

The roadshow continues in Hong Kong on Friday and then moves to London on Tuesday. The U.S. roadshow will take place Nov. 15 to Nov. 20.

Morgan Stanley and Goldman Sachs & Co. are leading the deal.

Proceeds will be used to finance the development of new projects including the acquisition of a new land bank. Proceeds will also be used to repay certain existing loans and finance existing projects.

The prospective issuer is a Shanghai-based real estate developer.

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