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Country Garden plans to issue US$1B senior notes

Country Garden Holdings Co. Ltd. is planning to issue a total of US$1.00 billion in senior notes.

The offerings will comprise US$550 million in 7.125% senior notes due April 25, 2022, and US$450 million in 8.000% senior notes due Jan. 27, 2024, that will be consolidated with a September 2018 issuance in the principal amount of US$550.0 million.

The 2022 notes will be offered at a price equal to 100% of the principal amount, while the 2024 notes will be offered at a price equal to 98.985% of the principal amount plus accrued interest from Sept. 27, 2018, to Jan. 25.

The Hong Kong-listed real estate company will primarily use net proceeds from both issuances to refinance existing offshore debt. It also noted in a filing that both the 2022 notes and the 2024 notes are intended to be listed on the Singapore stock exchange.

UBS AG's Hong Kong branch and Goldman Sachs (Asia) LLC are the joint global coordinators for the two offerings. Together with The Hongkong and Shanghai Banking Corp. Ltd. and J.P. Morgan Securities PLC, the pair will also function as joint lead managers and joint book runners.