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Kaisa to add US$285M to 3 series of notes

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.