Parkson to price $200 million senior notes

New York, Oct. 31 - Parkson Retail Group Ltd. said it plans to sell $200 million of senior notes due 2011.

J.P. Morgan Securities Ltd. will be bookrunner for the offering, which is expected to price on Nov. 6.

Proceeds will be used to buy a credit-linked note from J.P. Morgan Chase Bank, NA, London Branch. Simultaneously with the purchase of that note, Chinese subsidiaries of Parkson will obtain RMB 1.5 billion (approximately $190 million) of loans from JPMorgan Chase Bank, Shanghai Branch. Those loans will be used to expand the company's business in China.

The new senior notes will have a make-whole call and an equity clawback for 35%.

Parkson will apply to list them on the Singapore Stock Exchange.

Parkson is a Beijing, China-based operator of department stores.

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