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Powerlong Real Estate seeks US$196M from US$200M senior notes issuance

Powerlong Real Estate Holdings Ltd. expects to raise approximately US$196.0 million from its planned issuance of US$200.0 million in 9.125% senior notes due Jan. 14, 2021.

The Hong Kong-listed real estate developer intends to use the anticipated proceeds to refinance its existing debt.

The notes, which carry in-principle approval for listing on the Singapore stock exchange, have a subscription price equivalent to 99.331% of its principal amount, according to a filing.

Guotai Junan Securities (Hong Kong) Ltd., Haitong International Securities Co. Ltd. and the Hong Kong branch of UBS AG are the joint lead managers and joint book runners of the proposed offering.