Second senior notes issue for PRC property developer
March 07, 2011 | BY
clpstaff &clp articlesPRC property developer, Shui On Development, has issued Rmb3.5 billion (US$531 million) four-year Rmb-denominated US-dollar settled senior notes. The issue's…
PRC property developer, Shui On Development, has issued Rmb3.5 billion (US$531 million) four-year Rmb-denominated US-dollar settled senior notes. The issue's parent guarantor is Shui On Land Limited.
The net proceeds will amount to US$520 million and will be used to expand Shui On Development's real estate operations.
A Hong Kong-based Freshfields Bruckhaus Deringer team, led by Calvin Lai, represented the issuer. Shui On Development's PRC counsel was Jin Mao Partners. Davis Polk Wardwell advised the underwriters, and Commerce & Finance Law Offices acted as PRC counsel to the initial purchasers.
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