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Country Garden launches 950M-yuan debt offering

Country Garden Holdings Co. Ltd. launched an offering of 5.8% senior notes due 2021 worth 950.0 million yuan.

The notes will bear interest at 5.8% per annum and will mature March 12, 2021. Interest on the debt will be paid March 12 and Sept. 12, and the notes may be redeemed on or after March 12, 2020, at 102% of the notes' principal amount if redeemed in 2020 and at a price equal to 100% of the principal amount if redeemed in 2021. If the company exercises its option to redeem the notes before March 12, 2020, the redemption price is equal to 100% of the principal amount of the notes.

The offering is expected to generate roughly 940.9 million yuan in net proceeds, which will be used to refinance outstanding debt and for general business purposes.

The Chinese diversified real estate developer said it has received in-principle approval for the listing and quotation of the notes on the Singapore bourse.

Goldman Sachs (Asia) LLC and J.P. Morgan Securities (Asia Pacific) Ltd. serve as joint global coordinators, joint book runners and joint lead managers for the offering.

As of March 14, US$1 was equivalent to 6.32 yuan.