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Shimao Property seeks 937M yuan from proposed issue of 950M yuan senior notes

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Shimao Property seeks 937M yuan from proposed issue of 950M yuan senior notes

Shimao Property Holdings Ltd. is planning to issue 950 million yuan of 5.75% senior notes due March 15, 2021, to net roughly 937 million yuan.

The expected net proceeds from the proposed offering will be used to refinance existing debt, for business development ventures and for other general corporate purposes.

In a filing, the Hong Kong-listed developer said it already obtained in-principle approval from the Singapore stock exchange for the listing of the notes, which will be offered at a price equal to 100% of the principal amount.

The Hongkong and Shanghai Banking Corp. Ltd. is the sole global coordinator, book runner and lead manager of the offering.

As of March 8, US$1 was equivalent to 6.34 yuan.