China's Evergrande Real Estate plans add-on to 8¾% notes due 2018

By Toni Weeks

San Luis Obispo, Calif., Nov. 5 - China's Evergrande Real Estate Group Ltd. announced plans for an add-on to its 8¾% notes due 2018.

The company originally priced $1 billion of the notes (B2/expected BB-/) on Oct. 24.

The company said the Rule 144A and Regulation S offering will have the same terms and conditions of the original notes, other than the offer price, which will be determined through a bookbuilding exercise conducted by China Merchants Securities (HK) Co., Ltd. and J.P. Morgan Securities plc as joint global coordinators.

Deutsche Bank AG, Singapore Branch, Credit Suisse Securities (Europe) Ltd. and UBS AG, Hong Kong Branch will be joint lead managers and joint bookrunners with China Merchants Securities (HK) and JPMorgan.

Proceeds will be used to refinance existing debt.

The issuer is based in Guangzhou, Guandong, China.

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