RRJ invests $100m in China property developer
RRJ Capital has committed $100 to Chinese property developer CIFI Holdings by subscribing to a senior notes issue. The Hong Kong-listed firm has raised $225 million in total, the remainder being placed with Citigroup, Standard Chartered, Deutsche Bank, HSBC and Haitong International.
According to a regulatory filing, RRJ Capital Master Fund II is investing via Dalvey Asset Holding. The senior notes will be due by April 2018 and carry an annual coupon of 12.25%, paid on April 15 and October 15 each year.
The net proceeds of the issue - which came to $230 million after $5 million was raised in April - will be used to refinance CIFI's existing debts, acquire new projects and land, develop existing projects in China, and for other general corporate purposes.
Earlier this year, RRJ Capital raised $3.5 billion for its second fund. The Hong Kong-based GP, which was set up by Richard Ong, formerly of Goldman Sachs and Hopu Investment Management, originally targeted up to $5 billion.
CIFI's latest notes issue received credit ratings of B+ from Fitch Ratings, B2 from Moody's and B from Standard & Poor's.
More on Greater China
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.