[ET Net News Agency, 17 January 2020] China Evergrande Group (03333) said it has agreed
to the issuance of US$1,000 million 11.5% senior notes due 2023 and US$1,000 million 12.0%
senior notes due 2024 .
The 2023 notes will bear interest from and including 22 January 2020 at the rate of
11.5% per annum and will mature on 22 January 2023. Interest will be payable semi-annually
in arrears on 22 January and 22 July of each year, beginning on 22 July 2020.
The 2024 notes will bear interest from and including 22 January 2020 at the rate of
12.0% per annum and will mature on 22 January 2024. Interest will be payable semi-annually
in arrears on 22 January and 22 July of each year, beginning on 22 July 2020.
Hui Ka Yan, the chairman and executive director of the company, has purchased US$50
million of the 2024 notes. Xia Haijun, the chief executive officer and executive director
of the company, has purchased US$50 million of the 2023 notes.
The notes issue is being undertaken by the group mainly to refinance its existing
indebtedness, including the 2020 Notes, with the remainder to be used for general
corporate purposes. (RC)