Country Garden to finance CB tender with new bond issue

No further details on the size of the tender or the new issue are available, but the CB has about $630 million outstanding.

Country Garden, one of the largest real estate developers in China, yesterday launched a tender offer to buy back its outstanding convertible bond which will become puttable in February next year. To pay for the buy-back, the company will issue new high-yield bonds with a seven-year maturity. A four-day roadshow to market the new issue will kick off in Hong Kong tomorrow.

Country Garden didn't say how much of the CB it wants to buy back or how large the...

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