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Mingfa Group plans private placement of US$200M of 15% bonds due 2020

Chinese property developer Mingfa Group (International) Co. Ltd. plans to issue US$200.0 million of 15% bonds due Jan. 15, 2020.

The bonds will be issued at a price equal to 100% of their principal amount plus accrued interest, with the interest payable semiannually in arrears on July 16 and Jan. 15, 2020.

The private placement is scheduled to close Jan. 16, according to a release.

Mingfa Group expects the placement to generate net proceeds of about US$199.6 million, which will go toward the refinancing of the group's certain existing indebtedness and for general corporate purposes.

An approval in-principle is in place for the listing of the bonds on the Singapore Exchange Securities Trading Ltd., the company added.

Head & Shoulders Securities Ltd. is the placing agent for the issuance.