China’s Country Garden plans new dollar notes, add-on to 3 1/8% notes due 2025

By Rebecca Melvin

Concord, N.H., May 11 – Country Garden Holdings Co. Ltd. plans to price an issue of new senior notes and an issue of additional 3 1/8% notes due 2025 (Baa3//BBB-). Both issues will be denominated in U.S. dollars, according to a company announcement.

The original $500 million of 3 1/8% notes priced on Oct. 22, 2020.

Morgan Stanley, UBS, J.P. Morgan, Goldman Sachs (Asia) LLC, BNP Paribas, HSBC, Standard Chartered Bank and CLSA are the joint global coordinators, joint lead managers and joint bookrunners of the Regulation S tranches.

The proceeds are expected to be used for refinancing existing medium to long term offshore indebtedness, which will become due within one year.

Country Garden is a Foshan, China, real estate developer.

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