Redsun Properties Group Ltd. is planning to add US$200.0 million to its previous offering of US$180.0 million in 13.5% senior notes due Dec. 3, 2020.
The Hong Kong-listed developer is expecting to net approximately US$197.6 million from the follow-on offering. It said in a filing that the anticipated proceeds will be used to refinance existing debt and for general corporate expenditures.
The additional notes, which are intended to be listed on the Hong Kong stock exchange, will be offered at a price equal to 100% of its principal amount plus interest from Dec. 3 to Dec. 19.
China International Capital Corp., Hong Kong Securities Ltd. and Guotai Junan Securities (Hong Kong) Ltd. are the joint global coordinators for the planned offering. Together with Haitong International Securities Co. Ltd., the pair also function as joint book runners and joint lead managers of the issuance.