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China South City to issue US$100M of senior notes

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China South City to issue US$100M of senior notes

Real estate developer China South City Holdings Ltd. agreed to issue US$100.0 million of senior notes due Aug. 24, 2020, that will be consolidated with a previous issuance of US$150.0 million of the same note series.

The net proceeds from the new issuance are estimated to be roughly US$98.9 million, which will be used mainly for refinancing outstanding debt related to project developments and for general business purposes.

The new notes will be offered at a price equal to 99.649% of their principal amount plus applicable interest.

The debt will bear an annual interest rate of 10.875%, payable semiannually in arrears, starting Feb. 24, 2019.

UBS AG Hong Kong Branch, Merrill Lynch (Asia Pacific) Ltd. and Guotai Junan Securities (Hong Kong) Ltd. are the joint global coordinators.

UBS, Merrill Lynch, Guotai Junan, The Hongkong and Shanghai Banking Corp. Ltd., Haitong International Securities Co. Ltd., AMTD Global Markets Ltd. and BOCI Asia Ltd. are the joint book runners and joint lead managers.