Modern Land (China) Co. Ltd. is expecting to raise about US$147.7 million from its planned issuance of US$150.0 million worth of 15.5% green senior notes due July 2, 2020.
The Hong Kong-listed Chinese developer said it will use the anticipated proceeds from the offering to refinance certain existing debt. The company also noted that it may reallocate the funds depending on market conditions.
The green bonds will be offered at a price equal to 100% of its principal amount. For the listing of the notes, Modern Land secured in-principle approval from the Singapore stock exchange, according to a filing.
Guotai Junan Securities (Hong Kong) Ltd., The Hongkong and Shanghai Banking Corp. Ltd., the Hong Kong branch of UBS AG, Morgan Stanley & Co. International PLC, the Hong Kong branch of Deutsche Bank AG, Southwest Securities (HK) Brokerage Ltd. and Haitong International Securities Co. Ltd. are the joint global coordinators, joint book runners and joint lead managers of the proposed offering.