By Christine Van Dusen
Atlanta, March 8 - China's Powerlong Real Estate Holdings sold RMB 750 million 11½% notes due 2014 (B1/B+/) at 99.383 to yield 11¾%, a market source said.
The notes priced in line with talk, which was set in the 11¾% area.
HSBC, RBS and Macquarie were the bookrunners for the Regulation S-only deal.
The notes are payable in dollars.
Proceeds will be used for general working capital.
Powerlong is a Fujian, China-based property developer.
| Issuer: | Powerlong Real Estate Holdings
|
| Amount: | RMB 750 million
|
| Maturity: | 2014
|
| Description: | Notes
|
| Bookrunners: | HSBC, RBS, Macquarie
|
| Coupon: | 11½%
|
| Price: | 99.383
|
| Yield: | 11¾%
|
| Trade date: | March 8
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: B+
|
| Distribution: | Regulation S only
|
| Price talk: | 11¾% area
|
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