HONG KONG, Dec. 17, 2014 /PRNewswire/ -- CIFI Holdings (Group) Co. Ltd. ("CIFI", or the "Group", HKEX Code: 00884.hk), one of the "Top 100 Real Estate Developers in China", announced that the Group had successfully signed an agreement to issue additional 8.875% coupon US dollar senior notes due January 2019 originally issued in January 2014. The principal amount of the additional issue is US$200 million, with an issue price at 102% of the principal value of the additional notes. The effective interest rate of the additional issue is approximately 8.3%.
Net proceeds from the additional issue will be used for refinancing the Group's existing indebtedness, the acquisition of new projects or land for development and general corporate purposes. The additional issue is expected to be completed on or before 9 January 2015.
Mr. LIN Zhong, Chairman and Executive Director of CIFI, said, "The issue price was reasonable and will further reduce our cost of funding and optimize our debt structure. This year, Fitch Ratings and Moody's upgraded our corporate credit rating to 'BB-' and 'Ba3' respectively, while Standard and Poor's revised our issuer's credit rating outlook to 'Positive' and affirmed our 'B+' corporate credit rating. The rating upgrades reflected that the global financial community endorses the Group's business strategy. We will continue our prudent financial management and will focus on further lowering our financing costs to enhance profit margins of our property development business and generate better returns to our shareholders."
About CIFI Holdings (Group) Co. Ltd.
CIFI is headquartered in Shanghai and is amongst China's Top 30 Real Estate Developers. CIFI principally focus on developing high quality and end-users driven properties in first- and second-tier cities in China. CIFI's development projects cover various properties types including residential, office and commercial complexes. To learn more about the Company, please visit CIFI's website at: http://www.cifi.com.cn
