Oceanwide boosts warchest amid US binge

The Chinese real estate company raises a maiden $320 million bond, shoring up funds for overseas investments as it continues to beef up its US presence.
Oceanwide to develop five-star hotel, apartments and retail space in Los Angeles
Oceanwide to develop five-star hotel, apartments and retail space in Los Angeles

Oceanwide Real Estate International sold a debut $320 million five-year bond on Monday, beefing up its warchest as it looks to plough more investments into the US market.

The Reg-S offering, which is callable in year three, is the first Chinese property high-yield bond to hit international debt capital markets after a month-long earnings season hiatus.

Oceanwide's note, its first ever, is guaranteed by its onshore parent and offshore 100%-owned subsidiary, Oceanwide Holdings Hong Kong. The developer’s onshore parent, which owns 73.67% of Oceanwide, has provided a keepwell deed to ensure sufficient liquidity for timely payment of the notes.

“The presence of...

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