March 14, 2012 / 1:01 AM / 6 years ago

China property firm Agile plans $700 mln notes issue

HONG KONG, March 14 (Reuters) - Chinese property developer Agile Property Holdings Ltd said it would issue $700 million of senior notes due 2017, raising proceeds for the purchase of new land sites, refinancing and for general working capital purposes.

The notes will bear interest of 9.875 percent per annum payable semi-annually, Agile said in a filing to the Hong Kong stock exchange on Wednesday.

HSBC, Standard Chartered Bank and UBS are the joint lead managers and joint bookrunners for sale of the notes.

Agile’s move comes as China’s property developers are looking for various means to bridge an estimated $111 billion financing gap in the year ahead, with the government clamping down on their favoured trust-market funding route.

For Agile's statement click here (Reporting by Donny Kwok; Editing by Muralikumar Anantharaman)

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