Evergrande to issue US$1b senior notes

HONG KONG: China Evergrande Group plans to issue up to US$1 billion (RM4.43 billion) in US dollar notes to refinance debt, a move which comes on top of a US$1.5 billion dual tranche issue this week. Evergrande is China’s second-most indebted company with some US$57 billion in debt, almost six times its market value. The senior notes due 2024 would carry an interest rate of 9.5 per cent a year and terms of the notes would be determined through a book building exercise, said the developer.