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Agile Group to issue US$300M of senior perpetual capital securities

Agile Group Holdings Ltd. said it is issuing US$300 million of senior perpetual capital securities, which will be listed on the Singaporean bourse.

The securities will be issued at 100% of the principal amount and will constitute direct, unsecured and unsubordinated obligations of the company. The Chinese developer said it expects to close the offering March 7.

Net proceeds of about US$295.9 million will be used to refinance certain existing debt.

For the offering, Standard Chartered Bank, The Hongkong and Shanghai Banking Corp. Ltd. and Bank of China Ltd. are the joint global coordinators, joint book runners and joint lead managers, while BNP Paribas, Morgan Stanley & Co. International plc and UBS AG Hong Kong Branch are the joint book runners and joint lead managers.