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China’s Modern Land launches $125 million five-year notes at 13%
By Christine Van Dusen
Atlanta, July 24 – Modern Land (China) Co. Ltd. launched a $125 million offering of five-year notes (expected ratings: B2//B) at 13%, a market source said.
Credit Suisse Securities (Europe) Ltd., Goldman Sachs (Asia) LLC, HSBC Ltd., J.P. Morgan Securities plc, Guotai Junan Securities (Hong Kong) Ltd., Morgan Stanley & Co. International plc and CLSA Ltd. are the joint bookrunners and joint lead managers for the Regulation S offering, with Credit Suisse and Goldman Sachs as the joint global coordinators.
Proceeds from the proposed notes will be used to fund existing and new property projects and to refinance existing debt.
The property developer is based in Beijing.
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