By Devika Patel
Knoxville, Tenn., April 15 - Xinyuan Real Estate Co., Ltd. said it completed a $40 million private placement of a guaranteed senior secured note. The purchase price was paid through $10 million in cash and the deemed satisfaction and repayment of $30 million of Xinyuan's floating-rate notes.
The new note, purchased by Forum Asian Realty Income II, LP, has a three-year term and bears interest at the rate of 15.6% per annum.
The investor also received three-year warrants for 1,516,882 common shares. The warrants are exercisable at $0.01 per share.
The residential real estate developer and property manager is based in Beijing.
| Issuer: | Xinyuan Real Estate Co., Ltd.
|
| Issue: | Guaranteed senior secured note
|
| Amount: | $40 million
|
| Maturity: | Three years
|
| Coupon: | 15.6%
|
| Price: | Par
|
| Yield: | 15.6%
|
| Warrants: | For 1,516,882 shares
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $0.01
|
| Investor: | Forum Asian Realty Income II, LP
|
| Settlement date: | April 15
|
| Stock symbol: | NYSE: XIN
|
| Stock price: | $4.04 at close April 15
|
| Market capitalization: | $306 million
|
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