China conglomerates lined up for new USD bond issurance one day after the US Federal Reserve raised benchmark interest rate.
China's China Evergrande Group on March 19 said it issued USD500 million 7.0% senior notes due 2020 and USD1 billion 8.25% senior notes due 2022. The company said it intends to use to refinance existing indebtedness after deducting the underwriting discounts and commissions and other estimated expenses payable in connection with the notes issue. Approval in-principle has been received from the SGX-ST for the listing and quotation of the notes on the SGX-ST. Admission of the notes to the SGX-ST is not to be taken as an indication of the merits of the company or the notes, the company said. Credit Suisse was the coordinator.
On March 24, China Evergrande said it proposes to offer another USD senior notes due 2024 up to USD1 billion with IR of 9.50% per annum, seeking listing on SGX-ST. The SGX-ST assumes no responsibility for the correctness of any of the statements made, opinions expressed or reports contained, Evergrande said in a filing.
China's Fosun International Limited on March 17 said it priced a USD800 million five-year non-call three years senior bond. The company said the use of proceeds would be refinancing as well as replacement of indebtedness with relatively high costs, total debts will not increase as a result of this exercise. Credit Suisse acted as sole global coordinator.
The US Federal Reserve on March 15 moved to raise benchmark interest rates for the second time in 3 months, lifting overnight rate by 25 bps to a range of 0.75 to 1%.
By APMR News Staff Writer
Article Published on : 2017 April 4, 8:45 am GMT+800
Article Last Updated : 2017 April 4, 3:55 pm GMT+800