The coupon rate is one of the lowest among the real estate enterprises in China with the same credit level recently
CHINA – 22 March 2019 – CIFI Holdings (Group) Co. Ltd. (“CIFI” or the “Group”, HKEx stock code: 884), a leading real estate developer engaged in the property development and investment business in the first-, second- and robust third-tier cities in China announced that the Group issues US$ 255 million senior notes at a coupon rate of 6.55% with a 5-year maturity. The coupon rate is one of the lowest among real estate enterprises in China with the same credit level recently.
The issue received over US$ 625 million subscription and was approximately 2.5 times over-subscribed, representing a keen market demand for the issue.
Standard Chartered Bank is the sole global coordinator, sole bookrunner and sole lead manager of the issue.
On 15 March 2019, Standard & Poor upgraded CIFI’s rating from “BB-” to “BB”. It is because CIFI has significantly improved its diversity and scale in the past two to three years. The “stable” outlook reflects S&P’s expectation that CIFI will continue to expand its sales scale with controllable leverage.
Comment