China's Country Garden plans $360 million share sale to refinance debt

HONG KONG : Country Garden Holdings Co Ltd said on Wednesday it plans to raise HK$2.83 billion ($360.23 million) from a share sale, raising proceeds for refinancing existing offshore debt, general working capital and future development purposes.

The Chinese property developer will issue 870 million new shares, or 3.62 per cent of the enlarged share capital, at HK$3.25 each, to professional and institutional investors in the share sale, the developer said in a filing to the Hong Kong bourse.

The issue price represents a 12.63 per cent discount to Tuesday's close of HK$3.72 each, it added. UBS is the placing agent.

($1 = 7.8492 Hong Kong dollars)