China's Evergrande talks dollar tap of 8¾% notes due 2018 at par, to price as soon as Wednesday

By Christine Van Dusen

Atlanta, Nov. 6 - China's Evergrande Real Estate Group Ltd. set final talk at par for a tap of its existing $1 billion 8¾% notes due October 2018 (expected ratings: B2/BB-/), a market source said.

China Merchant Securities and JPMorgan are the global coordinators. China Merchant Securities, JPMorgan, Deutsche Bank, Credit Suisse and HSBC are the joint bookrunners.

The Rule 144A and Regulation S issue could price as soon as Wednesday.

The original issue priced at par to yield 8¾% with Goldman Sachs, JPMorgan, Deutsche Bank and China Merchants Securities in a Rule 144A and Regulation S deal.

The proceeds will be used to refinance existing debt.

The issuer is based in Guangzhou, Guandong.

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