China's Country Garden sets size of $1.5 billion or more for two tranche bond offering

By Aaron Hochman-Zimmerman

New York, Nov. 1 - Country Garden announced a size of $1.5 billion or greater for its planned two-tranche bond offering (Ba1/BBB-/), according to a press release.

The tranches will have five- and 10-year maturities.

Morgan Stanley and UBS will act as bookrunners for the Rule 144A and Regulation S deal.

Proceeds from the deal will be used to refinance a loan from the Bank of China and fund capital expenditures needed for existing and new projects.

Country Garden is a Shunde, China-based real estate developer.

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