Fantasia Holdings Group Co. Ltd. plans to redeem the outstanding balance of its US$300 million worth of 10.625% senior notes due January 2019.
The company will redeem approximately US$279 million worth of bonds ahead of schedule Jan. 23, 2017, with the aim of saving on interest expenses and to optimize its debt structure.
The redemption price will be equal to 105.31% of the principal amount, plus accrued and unpaid interest. Fantasia will channel internal funds toward the bond redemption.
Meanwhile, the company and its subsidiaries posted a 10.1% year-over-year increase in contracted sales for the first 11 months of the year, amounting to an estimated 11.13 billion Chinese yuan.
The sales figure represented 1,181,245 square meters of contracted gross floor area. Fantasia expects to achieve its full-year contracted sales target of 12 billion yuan.
As of Dec. 19, US$1 was equivalent to 6.95 Chinese yuan.