By Jennifer Chiou and Christine Van Dusen
New York, July 14 – China’s Future Land Development Holdings Ltd. (/B/) announced that it has priced a $350 million offering of 10¼% five-year senior notes.
According to a filing with the Hong Kong Stock Exchange, the notes priced at 99.046.
JPMorgan and Credit Suisse are the joint global coordinators. JPMorgan, Credit Suisse Securities, UBS, BNP Paribas, CLSA and China Merchants Securities are the bookrunners for the Regulation S deal.
The notes are redeemable at 105.125 in 2017 and at 102.5625 in 2018.
The proceeds, which the company estimated to be $341.6 million, will be used to fund the acquisition of land for residential and commercial property development and for general corporate purposes.
Future Land Development is a Hong Kong-based real estate operator and developer.
| Issuer: | Future Land Development Holdings Ltd.
|
| Amount: | $350 million
|
| Maturity: | July 21, 2019
|
| Description: | Senior notes
|
| Bookrunners: | JPMorgan, Credit Suisse Securities, UBS, BNP Paribas, CLSA and China Merchants Securities
|
| Coupon: | 10¼%
|
| Price: | 99.046
|
| Trade date: | July 14
|
| Settlement date: | July 21
|
| Distribution: | Regulation S
|
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