A unit of Chinese developer Greentown China Holdings Ltd. will issue senior perpetual capital securities in the aggregate principal amount of US$500 million.
Twinkle Lights Holdings Ltd. will issue the securities at a price equal to 100% of the principal amount, according to a release.
The issuance is scheduled to wrap up on the closing date, which will be Dec. 28 or a date not later than Jan. 31, 2019, in accordance with the subscription agreement.
Greentown China plans to use the estimated net proceeds of about US$497 million to refinance existing indebtedness of the Greentown Group.
Additionally, distribution will be payable in connection with the securities on June 28 and Dec. 28 of each year, starting from and including June 28, 2019.
Greentown China will serve as the guarantor of the securities.
Credit Suisse (Hong Kong) Ltd. and The Hongkong and Shanghai Banking Corp. Ltd. are acting as the placing agents.