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Shui On Land unit to issue US$500M of senior notes due 2021

Shui On Land Ltd. unit Shui On Development (Holding) Ltd. plans to issue US$500.0 million of 5.70% senior notes due Feb. 6, 2021, at an offer price of 99.384% of the principal amount.

The issuer agreed on a purchase deal with Standard Chartered Bank and Deutsche Bank AG Hong Kong Branch for the issuance. Shui On Land serves as the guarantor for the bonds.

The company expects approximately US$492 million of net proceeds from the issuance, which will be used to repay existing debt with near-term maturities and to fund capital expenditures. Shui On Land also said an application was submitted for the notes' listing on the Singapore bourse.

Standard Chartered Bank is the sole global coordinator and one of the joint book runners for the issuance, with Deutsche Bank as the other joint book runner.