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Shui On Land to issue 3-year bonds at 9.75%

Feb. 9, 2012 (China Knowledge) - Shui On Land Ltd<0272>, the flagship property developer of Shui On Group, plans to issue USD-denominated bonds with a maturity of three years and at a high yield of 9.75%, sources reported.

The offering of senior unsecured bonds will be conducted by Shui On Development (Holding) Ltd, a wholly-owned subsidiary of Hong Kong-listed Shui On Land, which will price the bonds this week at the earliest.

BNP Paribas, Deutsche Bank AG, Standard Chartered Bank and UBS AG are the initial bookrunners.  

Shui On Land on Monday announced plans to launch the international offering to institutional investors in Asia and Europe to replenish working capital and repay debts.

Last month, the real estate developer issued RMB 3 billion of notes with a yield of 6.875%.

Shui On Land also issued RMB 3.5 billion of notes at 7.625% in December 2010 and S$250 million of notes at 8% in January 2011.

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