Powerlong Real Estate announces that it issued 5-year senior notes with maturity in 2015 and a principal totaling USD 200 million (HKD 1.56 billion). Net proceeds from the issuance, less other estimated expenses, will be USD 195 million, which is proposed to be used for development of existing and new property projects and general corporate purposes. The interest for the notes, to be calculated by annual interest rate of 13.75%, will be paid at the end of each half-year as of March 16, 2011 (i.e. on March 16 and September 16 each year). The issue price will be 100% of the principal.
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