China’s Country Garden to redeem 11 1/8% notes on March 29 at 105.5625

By Marisa Wong

Madison, Wis., Feb. 27 – Country Garden Holdings Co. Ltd. announced it will redeem its outstanding 11 1/8% senior notes due 2018 in full on March 29.

The notes will be redeemed at 105.5625 plus accrued interest to the redemption date.

As of Friday, there is $900 million of the 11 1/8% notes outstanding.

The company announced on Thursday that it planned to use proceeds of its new 7½% senior notes to fund the redemption.

Country Garden is a Foshan, China-based real estate developer focused on large-scale residential communities.

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