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Agile Group plans US$200M issuance to refinance notes

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Agile Group plans US$200M issuance to refinance notes

Agile Group Holdings Ltd. is planning to issue US$200 million of 5.125% senior notes due Aug. 14, 2022, subject to the completion of certain conditions.

The company said net proceeds from the issuance, expected at roughly US$196 million, will be used to refinance a portion of its US$500 million offering in 2014 of 8.375% senior notes due 2019.

The proposed new notes will be offered at a price equal to 100% of its principal amount and can be redeemed in whole or in part at any time on or after Aug. 14, 2020. Its interest, meanwhile, is payable in arrears semiannually starting Feb. 14, 2018, and every Feb. 14 and Aug. 14 until its maturity.

Agile Group also said it has applied for the listing of the proposed notes with the Singapore Exchange Securities Trading Ltd., noting that the notes will not be listed in Hong Kong.

Standard Chartered Bank and The Hongkong and Shanghai Banking Corp. Ltd. will serve as the joint global coordinators of the issuance, while ABCI Capital Ltd. and China Securities (International) Corporate Finance Co. Ltd. will function as joint book runners and joint lead managers.