New York, Nov. 5 – Future Land Development Holdings Ltd. priced $250 million of 6.25% senior notes due 2017 (B1/B+) at 99.079 to yield 6.75%.
J.P. Morgan Securities plc, BOCI Asia Ltd., Guotai Junan Securities (Hong Kong) Ltd., Hongkong and Shanghai Banking Corp. Ltd. and Merrill Lynch International are the global coordinators and bookrunners for the Regulation S sale, according to a notice from the issuer.
Proceeds will be used to repay debt and for general corporate purposes.
The proposed issue is in addition to the RMB 3 billion of 4˝% domestic corporate bonds due 2020 priced by the company on Wednesday. The company plans to use the proceeds of that issue to adjust its debt structure and to replenish cash.
Future Land is a Hong Kong-based real estate operator and developer.
| Issuer: | Future Land Development Holdings Ltd.
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| Issue: | Senior notes
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| Amount: | $250 million
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| Maturity: | Nov. 12, 2017
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| Coupon: | 6.25%
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| Price: | 99.079
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| Yield: | 6.75%
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| Call: | Make-whole call
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| Ratings: | Moody’s: B1
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| Standard & Poor’s: B+
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| Pricing date: | Nov. 5
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| Bookrunners: | J.P. Morgan Securities plc, BOCI Asia Ltd., Guotai Junan Securities (Hong Kong) Ltd., Hongkong and Shanghai Banking Corp. Ltd. and Merrill Lynch International
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| Distribution: | Regulation S
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