China's Country Garden talks $1.5 billion or greater notes; five-years at 9% area, 10-years at 9¾% area

By Aaron Hochman-Zimmerman

New York, Nov. 6 - Country Garden issue talk for its $1.5 billion or more offering of notes (Ba1/BBB-/) due 2012 and 2017 in the 9% area and 9¾% area respectively, according to a market source.

Morgan Stanley and UBS are 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 capital expenditures needed for existing and new projects.

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

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