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Nan Fung Int'l to issue up to US$250 mln bonds

Feb. 7, 2012 (China Knowledge) - Nan Fung International Holdings Ltd, a Hong Kong-based real estate developer, has announced plans to issue between US$150 million and US$250 million of bonds with a maturity of five years.

According to the plans, the yield of the to-be-issued bonds will be between 440 and 445 basic points lower than US Treasury Bonds Rates with a coupon rate of 0.875%.

Proceeds from the issuance will be used to replenish working capital.

HSBC Holdings PLC<0005><HBC>, the biggest foreign bank in mainland China, U.S.-based financial holding company JPMorgan Chase & Co and Goldman Sachs have been assigned as the joint bookrunners.

Moody's, Standard & Poor's and Fitch Ratings have rated the bonds Baa3, BBB- and BBB, respectively.

On January 20, Nan Fung International issued a tranche of guaranteed notes worth US$350 million, sources reported.

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