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LVGEM subsidiary to upsize 8.5% notes due 2020 with US$175M issuance

LVGEM (China) Real Estate Investment Co. Ltd. subsidiary Gemstones International Ltd. is planning to boost its series of 8.5% senior notes due 2020 with a proposed US$175.0 million debt offering.

The additional notes, to be offered at 100.6% of the principal amount, including interest, will be consolidated with Gemstones' existing US$225.0 million in 8.5% senior notes, the company said in a filing.

Estimated net proceeds of about US$176.0 million from the proposed issuance will be directed toward the group's general corporate expenditures and for financing new property projects.

LVGEM will act as one of the guarantors of the additional offering. Nomura International Plc, Guotai Junan Securities (Hong Kong) Ltd., BOSC International Co. Ltd. and UBS AG Hong Kong branch serve as the joint global coordinators of the proposed issuance, which already received approval in-principle from the Singapore bourse for its listing and quotation.

The four global coordinators, together with SPDB International Capital Ltd., BOCOM International Securities Ltd., VTB Capital plc and AMTD Asset Management Ltd. will function as the joint book runners and joint lead managers for the additional notes.