Powerlong, Honghua will issue senior notes to refinance debts

Hong Kong-listed mainland Chinese firms Powerlong Real Estate and Honghua Group announced on Wednesday plans to issue senior notes to refinance maturing debts.

Neither company disclosed the exact amount as they have yet to finalise binding terms, according to separate statements filed with the Hong Kong stock exchange.

Credit Suisse, Guotai Junan Securities (Hong Kong), Haitong International Securities, HSBC, Bank of America Merrill Lynch, UBS and VTB Capital are the joint managers and joint bookrunners of Powerlong’s senior notes, to be listed on the Singapore Exchange, the mainland developer of residential and commercial property said.

Honghua Group, China’s biggest exporter of drilling rigs, said HSBC, Citi, Morgan Stanley and Bank of America Merrill Lynch are the joint global coordinators, joint lead managers and joint bookrunners of its US dollar-denominated senior notes.

It will seek to list the notes on the Hong Kong stock exchange, Honghua said.