Investing.com - Real estate development firm CIFI Holdings Group Co Ltd (HK:0884) issued senior notes worth US$400 million on Tuesday.
The senior notes will bear interest of 7.625% and are set to mature in March 2021. The Shanghai-based company expects the proceeds from the notes to be around $392.7 million and plans to spend the funds on refinancing existing debt and adjusting its plans to deal with changing market conditions.
CIFI issued senior notes a few times this year to raise funds, including 5.5% notes in January due 2023 for $300 million, 6.875% notes in April due 2021 for $500 million, 6.375% notes in May due 2020 for $300 million and 7.75% notes in September due 2020 for $150 million.
The real estate slowdown in China forced the company to cut up to 8% of its workforce last month.
The company’s shares dropped 2.22% to HK$3.97 following the issuance.