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China Evergrande to issue US$2B senior notes

Property giant China Evergrande Group will issue US$1.00 billion of 11.5% senior notes due 2023 and US$1.00 billion of 12.0% senior notes due 2024.

The issuance will be undertaken by the group to refinance existing debt, which includes its 2020 notes. The remainder will be used for the company's general corporate purposes, according to a Jan. 16 filing.

Interests for both the three-year and four-year notes will be payable semi-annually in arrears Jan. 22 and July 22 of each year, starting July 22, 2020.

Among the underwriters of the notes are Credit Suisse (Hong Kong) Ltd., Merrill Lynch (Asia Pacific) Ltd., BNP Paribas, CCB International Capital Ltd., CEB International Capital Corp. Ltd., China Citic Bank International Ltd., TF International Securities and Futures Ltd. and UBS AG Hong Kong Branch.

China Evergrande CEO and executive director Xia Haijun purchased US$50 million of the 2023 notes, while Chairman and executive director Hui Ka Yan bought US$50 million of the 2024 notes.

Application for the listing and quotation of the notes will be made to the Singapore stock exchange.