China-based real estate developer Redco Properties Group Ltd. is issuing US$250 million of 13.5% senior notes due Jan. 21, 2020, at 100% of their principal amount.
Interest of the notes will be paid in arrears from and including Jan. 22, according to a release.
Net proceeds from the issuance will be channeled toward refinancing certain existing debt and other general corporate purposes. The proceeds allocation plans could be changed in response to changing market conditions, the company added.
Redco will file an application for the listing of the notes on the Singapore Exchange Securities Trading Ltd. and for their admission to the official list of the bourse.
Credit Suisse (Hong Kong) Ltd., UBS AG's Hong Kong branch and Barclays Bank PLC are the joint global coordinators of the issue, with the three, along with Orient Securities (Hong Kong) Ltd., also serving as joint book runners and joint lead managers.