CSI Properties Markets First Dollar Bond in Four Years
CSI Properties Ltd. is selling its first dollar bond in four years, a move that could potentially ease liquidity concerns for the builder amid a prolonged real estate slump in Hong Kong and China.
The Hong Kong-headquartered developer said in a filing that its wholly owned subsidiary, ESL, plans to issue new notes with a three-year maturity, with final price guidance at 10.5%. Proceeds will be used for repayment of certain debt obligations, including a 5.45% dollar bond due July 21 with about $296 million of principal outstanding. CSI previously sold a dollar bond in 2021.
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