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Country Garden plans US$500M senior notes issuance

Country Garden Holdings Co. Ltd. is planning to issue US$500.0 million of 6.15% senior notes due 2025.

The Chinese developer noted in a filing that proceeds from the offering will be used to refinance existing medium- to long-term offshore indebtedness. It added that it obtained in-principle approval from the Singapore stock exchange for the listing of the notes.

Yeung Kwok Keung, Country Garden's chairman and executive director, bought US$80.0 million of the notes, while Mo Bin, president and executive director of the property company, acquired US$10.0 million.

Morgan Stanley & Co. International PLC, Goldman Sachs (Asia) LLC and BNP Paribas are the joint global coordinators, joint lead managers and joint book runners for the offering.