Fresh funds for Chinese property developer
March 24, 2011 | BY
Candice MakPRC property developer, Powerlong Real Estate Holdings (Powerlong) issued Rmb750 million (US$ 114.4 million) worth of synthetic US dollar-settled senior…
PRC property developer, Powerlong Real Estate Holdings (Powerlong) issued Rmb750 million (US$ 114.4 million) worth of synthetic US dollar-settled senior notes. Powerlong also received a credit facility of up to US$97 million. The company plans to use the proceeds from these financings to fund new and existing property projects, and for general working capital.
The bookrunners for the notes offering were Macquarie Capital Singapore, HSBC and the Royal Bank of Scotland Group. The latter two lenders were the arrangers for the credit facility.
Powerlong was advised by a Hong Kong Troutman Sanders team, led by partner Joe Sevack and assisted by partners Shirley Lau and Shanghai-based Edward Epstein. Both Skadden Arps Slate Meagher and Flom, and Maples and Calder acted in the senior notes offering and credit facility transactions. For the notes offering, Jingtian & Gongcheng and Commerce & Finance advised on PRC law aspects.
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