China’s Country Garden to refinance 11 1/8% notes with issue proceeds

By Angela McDaniels

Tacoma, Wash., Feb. 26 – Country Garden Holdings Co. Ltd. plans to refinance its $900 million 11 1/8% senior notes due 2018 and other debt, according to a company announcement.

The company will use the proceeds of $900 million of 7½% senior notes (Ba2/BB+/BB+) due 2020, which priced at par on Feb. 26.

J.P. Morgan Securities plc, Goldman Sachs (Asia) LLC, Hongkong and Shanghai Banking Corp. Ltd., Deutsche Bank AG, Singapore Branch, CLSA and Wing Lung Bank Ltd. are the bookrunners for the Regulation S deal.

Country Garden is a Foshan, China-based real estate developer focused on large-scale residential communities.

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