By Christine Van Dusen
Atlanta, Jan. 11 – Evergrande Real Estate Group Ltd. sold $300 million three-year notes (expected ratings: B3/B/BB-) at par to yield 8% on Monday, matching talk, a market source said.
Credit Suisse, China Merchants Securities and Haitong International were the bookrunners for the Regulation S deal.
The proceeds will be used for refinancing existing debt and for general working capital purposes.
The real estate developer is based in Guangzhou, China.
| Issuer: | Evergrande Real Estate Group Ltd.
|
| Amount: | $300 million
|
| Maturity: | Jan. 15, 2019
|
| Description: | Notes
|
| Bookrunners: | Credit Suisse, China Merchants Securities, Haitong International
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Trade date: | Jan. 11
|
| Settlement date: | Jan. 15
|
| Expected ratings: | Moody's: B3
|
| Standard & Poor's: B
|
| Fitch: BB-
|
| Distribution: | Regulation S
|
| Price talk: | 8%
|
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