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Country Garden to boost US$600M 5.125% notes with new US$150M offering

Country Garden Holdings Co. Ltd. plans to issue US$150.0 million worth of 5.125% senior notes due Jan. 17, 2025, that will be consolidated with a US$600.0 million offering under the same note series issued Jan. 17.

The China-based real estate giant expects net proceeds of approximately US$131.5 million from the new offering, which the company intends to use to refinance its existing offshore debt.

The new notes will be listed and quoted on Singapore Exchange Securities Trading Ltd., with delivery of the notes expected on or about Sept. 4.

Morgan Stanley is the sole global coordinator, book runner and lead manager of the issuance.