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Cinda Real Estate to issue up to 7B yuan of debt facilities

Cinda Real Estate Co., Ltd. will issue a maximum of 7.00 billion yuan worth of debt, a resolution that was approved unanimously by its board of directors March 6.

The debt financing facilities will comprise up to 1.00 billion yuan of asset-backed notes and 6.00 billion yuan worth of principal-protected notes.

The asset-backed notes will carry a term not exceeding 10 years, with proceeds from the issuance to be channeled toward repaying the Beijing-based developer's interest-bearing loans and as working capital.

The principal-protected notes will have a maturity period of not more than five years, with proceeds to be used for the same purposes as funds from the asset-backed note issuance.

The developer added in a release that the actual issuance dates and coupon rate of the notes have yet to be decided.

As of March 6, US$1 was equivalent to 6.31 yuan.