Yanlord Land (HK), a subsidiary of Yanlord Land, has launched an offer of US$400 million U.S. dollar-denominated senior notes due 2024 priced at 6.80 percent, the Chinese property developer said in a filing to SGX Thursday.
The notes are expected to be rated BB-minus by S&P Ratings Services and Ba3 by Moody’s Investors Services, Yanlord said.
The Moody’s rating indicates the obligations have speculative elements and are subject to “substantial credit risk,” while the S&P rating indicates the notes are less vulnerable to nonpayment than other speculative issues, but still face major ongoing uncertainties or exposure to adverse conditions.
Yanlord Land said it will guarantee the notes, which are expected to be issued on or around 27 August.
The net proceeds are earmarked for project development and acquisition and general corporate purposes, Yanlord said.
DBS Bank, HSBC and Standard Chartered Bank (Singapore) were mandated as joint global coordinators, bookrunners and lead managers for the offer, Yanlord said.
