China's Shimao may hold consent solicitation for 8% notes, floaters

By Angela McDaniels

Tacoma, Wash., Jan. 14 - Shimao Property Holdings Ltd. is considering soliciting consents from the holders of its $250 million of senior floating-rate notes due 2011 and $350 million of 8% senior notes due 2016, according to a company news release.

The company said it is identifying expansion opportunities and new sources of capital to fund these expansions. As a result, it may want to amend some terms of the notes.

If the company goes forward with a consent solicitation, Morgan Stanley will be the solicitation agent.

Shimao is a developer based in Shanghai.

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