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China Evergrande unit to issue US$4B of senior notes

China Evergrande Group unit Scenery Journey Ltd. plans to issue US$4 billion of senior notes.

The unit will issue US$2 billion of 11.5% of senior notes due Oct. 24, 2022, and US$2 billion of 12.0% senior notes that will mature on Oct. 23, 2023, according to a Jan. 21 release.

The Chinese developer announced the offering less than a week after it unveiled plans to issue US$2 billion of senior notes with the same coupon rates.

The proceeds from the issuance will be used to refinance existing debts of the group and for general corporate purposes. The notes will be listed on the Singapore Exchange Securities Ltd.