Chinese property developer Cifi Holdings (Group) Co. Ltd. expects to receive net proceeds of approximately US$392.7 million from the issuance of US$400.0 million worth of 7.625% senior notes due 2021.
The notes will be offered at 99.97% of their principal amount. The company plans to channel the net proceeds toward the refinancing of debt and general corporate purposes.
Cifi aims to list the notes on The Stock Exchange of Hong Kong Ltd., it said in a release.
Cifi and its subsidiary guarantors signed an agreement Dec. 17 in relation to the issuance with initial purchasers Standard Chartered Bank, CEB International Capital Corp. Ltd., Credit Suisse (Hong Kong) Ltd., Deutsche Bank AG's Hong Kong branch, Goldman Sachs (Asia) LLC, Guotai Junan Securities (Hong Kong) Ltd., Haitong International Securities Co. Ltd., HSBC Ltd. and J.P. Morgan Securities PLC.
The initial purchasers are serving as joint global coordinators, book runners and lead managers for the issuance.