Hong Kong-listed Modern Land (China) Co. Ltd. is planning to issue US$350.0 million of 7.95% senior notes due March 5, 2021, to net approximately US$346.2 million.
The company will offer the notes outside the U.S. as green bonds and at a price equal to 100% of their principal amount. The Beijing-based diversified developer said it already obtained in-principle approval from the Singapore stock exchange for the listing of the notes.
Net proceeds from the offering will be used by the company to refinance its existing debt and to fund existing projects that offer environmental benefits based on the criteria set by the company for green bonds.
Guotai Junan Securities (Hong Kong) Ltd., The Hongkong and Shanghai Banking Corp. Ltd., BOCOM International Securities Ltd., BOSC International Co. Ltd., VTB Capital Plc and Zhongtai International Securities Ltd. were tapped to be the joint global coordinators, joint book runners and joint lead managers of the planned offering, along with the respective Hong Kong branches of Deutsche Bank AG, Shanghai Pudong Development Bank Co. Ltd. and UBS AG.