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Times China plans to issue US$450M of 7.85% senior notes

Chinese property developer Times China Holdings Ltd. is planning to issue US$450.0 million of 7.85% senior notes that will mature June 4, 2021.

The notes, which will be listed on the Hong Kong stock exchange, will be offered at a price equal to 100% of its principal amount. They will bear interest that will be paid semiannually every June 4 and Dec. 4, beginning Dec. 4, 2018.

The company said it will use proceeds from the offering to refinance certain debt and for general working capital expenditures.

Guotai Junan Securities (Hong Kong) Ltd., the Hong Kong branch of UBS AG, the Singapore branch of Deutsche Bank AG, China CITIC Bank International Ltd., China Industrial Securities International Brokerage Ltd., China International Capital Corp. Hong Kong Securities Ltd., CMB International Capital Ltd., Haitong International Securities Co. Ltd. and J.P. Morgan Securities Plc are the joint book runners and joint lead managers of the planned issuance.