Kaisa Group Holdings Ltd. and certain subsidiary guarantors agreed to boost the sizes of three of the four series of notes announced in June.
Specifically, Kaisa will be adding US$50 million to the US$285.0 million in 7.25% senior notes due 2020; US$120 million to the US$820.0 million in 8.50% senior notes due 2022; and US$115 million to the US$2.12 billion of 9.375% senior notes due 2024. The additional 2020 and 2022 notes are offered at 100% of its principal amount, while the additional 2024 notes are offered at 101% of its principal amount. All other terms of the note issuance remain the same.
The company expects to net about US$285.7 million from the additional notes, to be used to refinance existing debt, fund existing and new real estate projects and for general corporate purposes.
An unnamed institutional investor agreed Aug. 4 to subscribe for the additional notes, which have received approval-in-principle from the Singapore stock exchange, according to a filing.