Hong Kong’s Shimao Property to redeem all 9.65% notes due 2017

By Marisa Wong

Madison, Wis., July 2 – Shimao Property Holdings Ltd. announced it will redeem its outstanding 9.65% senior notes due 2017 in full on Aug. 3.

The notes will be redeemed at price of 104.825 plus accrued interest to the redemption date.

As of Wednesday, the outstanding principal amount is $500 million.

Shimao said it will use its bank facility to fund the redemption.

The real estate development company is based in Hong Kong.

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