SINGAPORE - Yanlord Land Group has mandated DBS Bank, The Hongkong and Shanghai Banking Corp and Standard Chartered Bank as joint global coordinators, bookrunners and lead managers to raise US dollar-denominated senior notes, the property group announced on Monday (April 16).
The marketing of the notes will take place in Singapore and Hong Kong, Yanlord Land said.
Yanlord Land will guarantee the notes, which will be issued by a wholly-owned subsidiary, Yanlord Land (HK) Co, Limited.
The notes are expected to be rated "BB-" by Standard & Poor's (S&P) and "Ba3" by Moody's Investors Service.
This will be Yanlord Land's first debt raise since S&P upgraded its credit rating by one notch to "BB" from "BB-" in March with a stable outlook. S&P said at the time that it expects the developer's debt to remain below four times earnings before interest, tax, depreciation and amortisation over the next one to two years.