Country Garden launches new convertible bonds offering

By Abigail W. Adams

Portland, Me., Nov. 21 – Country Garden Holdings Co. Ltd. has launched a new offering of convertible bonds concurrently with the partial repurchase of HK$7.83 billion of its outstanding 0% convertible bonds due 2019, according to a company news release.

The bonds will be issued through subsidiary Smart Insight International Ltd.

Goldman Sachs (Asia) LLC and J.P. Morgan Securities plc are joint global coordinators and bookrunners for the Regulation S offering.

In conjunction with the convertible bond offering, the company may enter into purchased call options and written call options to mitigate potential dilution to its equity.

Completion of the offering is subject to market conditions and investor interest, the company said in the press release.

If completed, proceeds will be used to fund the repurchase of its 0% convertible bonds with any remaining proceeds to refinance offshore debt.

Concurrently with the new convertible bond offering, Country Garden announced its intention to repurchase HK$7.83 million of its 0% convertible bonds at a price of HK$2.015 million per HK$2 million principal amount of the bonds.

Country Garden is a Foshan, China-based property development company.

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