Chinese developer Future Land to issue US$250 million senior note
Future Land Development announced on Friday a proposed US$250 million senior notes to raise capital to repay debt.
The mainland developer in the Yangtze River Delta, focusing primarily on the development of residential properties and mixed-use complex projects, said the note, which will mature on November 12, 2017, will bear an interest rate of 6.25 per cent per annum.
The net proceeds amounting to US$244.3 million will be used for repaying debts and for general capital.
The company may adjust its development plans in response to future events and developments, such as changes in general market conditions, the outlook for the industry and the demand for the company’s properties, according to the company’s filing to the stock exchange.