Powerlong Real Estate Holdings Limited Announces Issuance of Additional USD 100,000,000 5.95% Senior Notes Due 2025 (To Be Consolidated And Form A Single Series with The USD 200,000,000 5.95% Senior Notes Due 2025)
December 18, 2020 at 04:19 am EST
Powerlong Real Estate Holdings Limited announced that on December 18, 2020, the Company, the Subsidiary Guarantors and the JV Subsidiary Guarantors entered into the Purchase Agreement with Guotai Junan International and BofA Securities in connection with the New Notes Issue. The estimated gross proceeds of the New Notes will be approximately USD 102.0 million. The subscription price of the New Notes will be 101% of the principal amount of the New Notes, plus accrued interest from (and including) October 30, 2020 to (but excluding) December 28, 2020. The New Notes will be offered to professional investors only. The New Notes are being offered and sold only outside the United States in compliance with Regulation S under the Securities Act. None of the New Notes will be offered to the public in Hong Kong. The Company intends to use the net proceeds of the New Notes to refinance the Company's existing medium to long term indebtedness which will become due within one year.