Fresh funds for Chinese property developer

    | BY

    Candice Mak

    PRC 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.

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