Shui On Development (Holding) Ltd. will issue 1.60 billion yuan in 6.875% senior notes due March 2, 2021, to net nearly 1.58 billion yuan for debt repayment and capital expenditures.
The notes, which will be guaranteed by parent Shui On Land Ltd., will be offered at a price equal to their principal amount.
Shui On said it already received in-principle approval for the listing of the notes on the Singapore stock exchange.
China CITIC Bank International Ltd. and Standard Chartered Bank are the joint global coordinators, joint book runners, joint lead managers and initial purchasers of the notes.
As of Feb. 26, US$1 was equivalent to 6.31 yuan.