Sinic Holdings Co. Ltd. (HKEX: 2103) announced Wednesday that it completed the issuance of $250 million senior notes with orders over $1.5 billion, obtaining six-times over-subscription.
The Shanghai-based property developer said in today’s announcement that the coupon rate of the notes was 9.50%, and the final pricing of the notes was 40 basis points lower than the guidance of the initial price.
Guotai Junan International, BOC International, UBS, Haitong International, Credit Suisse, CMB International, Barclays, BNP PARIBAS, CCB International, China CITIC Bank International, HSBC and Orient Securities (Hong Kong) are the participants in the notes purchase agreement.
Sinic said it expects to use the funds from the notes to refinance certain existing indebtedness and for general working capital purposes.
Founded in 2010, Sinic focuses on developing residential and commercial properties. The company and has expanded its property development business into the Yangtze River Delta Region, the Greater Bay Region and the Central and Western China core cities and other regions with high-growth potential.
Shares of Sinic closed at HK$4.09 in Hong Kong today, the same as yesterday's close.