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Parkson Retail to price $125 million five-year notes Wednesday
New York, May 21 - Parkson Retail Group Ltd. said it plans to offer $125 million of senior notes due 2012.
The deal will be sold via bookrunner JPMorgan Securities Ltd.
Pricing is expected on Wednesday.
Of the proceeds, $50 million will be used to repay a bridge loan to JPMorgan, $50 million to help fund the acquisition of Anshan Parkson and Anshan Properties and the remainder for general corporate purposes and working capital.
The notes will have an equity clawback for 35% during the first three years and a regular call after that. There will also be a make-whole call.
Parkson is a Beijing, China-based operator of department stores.
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