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China South City plans US$150M issuance of senior notes for US$147.7M proceeds

Hong Kong-listed China South City Holdings Ltd. is planning to issue US$150.0 million of 10.875% senior notes due Aug. 24, 2020, to net nearly US$147.7 million for debt refinancing and general corporate expenditures.

The notes, intended for listing on the Singapore stock exchange, will be offered at a price equal to 99.654% of the principal amount. Interest rates for the notes will be paid every Feb. 24 and Aug. 24 starting Feb. 24, 2019, according to a filing.

UBS AG's Hong Kong branch, Merrill Lynch (Asia Pacific) Ltd. and Guotai Junan Securities (Hong Kong) Ltd. are the joint global coordinators, joint book runners and joint lead managers of the planned offering. The Hongkong and Shanghai Banking Corp. Ltd., AMTD Global Markets Ltd., Haitong International Securities Co. Ltd. and China Merchants Securities (HK) Co. Ltd. are also joint book runners and joint lead managers.