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Shimao Property to upsize 4.75% notes with new US$400M debt offering

Shimao Property Holdings Ltd. is expecting to reap roughly US$402 million in net proceeds from its proposed issuance of US$400.0 million in 4.75% senior notes due 2022.

The company said it will use the estimated proceeds to refinance certain existing debt of the company and its subsidiaries, to fund business development and for general corporate expenditures.

According to the company, it intends to consolidate the additional notes with its previous issuance of US$450 million and US$150 million in the same senior notes series that were issued in June, with the new notes to be offered at 99.491204% of their principal amount.

Upon issue, the new notes will be listed on the Singapore stock exchange, similar to the previous notes, the company noted.

In relation to the planned offering, Shimao Property entered into a purchase agreement with China International Capital Corp., The Hongkong and Shanghai Banking Corp. Ltd., Morgan Stanley & Co. International plc, CMB International Ltd., Deutsche Bank AG, Standard Chartered Bank Plc and SPDB International Holdings Ltd.