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China Evergrande plans $1 bln notes to refinance debt
March 24, 2017 / 1:40 AM / 9 months ago

China Evergrande plans $1 bln notes to refinance debt

HONG KONG, March 24 (Reuters) - China Evergrande Group , the country’s most indebted developer, said on Friday its plans to issue up to $1 billion in U.S. dollar senior notes due 2024 to refinance debt.

The notes will carry an interest rate of 9.5 percent per annum and terms of the notes will be determined through a book building exercise, the developer said in a filing to the Hong Kong bourse.

The notes will be listed on the SGX-ST.

Evergrande said in February that it was asking creditors to approve amendments to its bond covenants to allow the country’s top homebuilder to take on billions of dollars of additional debt, as it paves way for a Shenzhen backdoor listing.

China’s efforts to support its currency and cool its hot property market are encouraging more Chinese companies to take on extra cost and risk by issuing foreign-currency bonds in Hong Kong and other offshore locations. (Reporting by Donny Kwok; Editing by Edwina Gibbs)

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