LT Commercial Real Estate Issues 3-Year Notes with an Aggregate Principal Amount Up to HK$200 million
(5 September 2014 – Hong Kong) LT Commercial Real Estate Limited (“LT Commercial” or the "Company") (Stock Code: 00112) is pleased to announce that the Company planned to issue up to HK$200 million worth of notes. Maturity date is three years after the issue. The net proceeds will be applied to financing the real estate development projects and other potential projects. Following the earlier issue of up to HK$400 million worth of 8-year bonds announced on 29 July, this is another financing source the Company secured from the capital markets, accelerating the business development of the Company.
The 3-year notes with an aggregate principal amount up to HK$200 million will be placed by the Company with an annual interest rate of 10%. They will be direct, unconditional, unsubordinated and unsecured in nature. The Company intends to use the proceeds to develop real estate projects, other potential projects and for general working capital. AMTD Financial Planning Limited acts as the placing agent.
Mr. Yang Longfei, Chairman and Chief Executive Officer of LT Commercial said, “Our recent issuance of up to HK$400 million bonds have gained positive responses from the capital markets, reflecting the recognition of the Company’s development prospect and investment philosophy. Proceeds of the notes placement will support the development of our real estate projects in order to further expand our asset scale, allowing the Company higher flexibility to grasp market opportunities in future.”
Mr. Dixon Chan, Executive Director and Deputy Chief Executive Officer of LT Commercial said, “LT Commercial is at its critical stage of rapid growth. The management will continue to fully utilize the international capital markets to prepare funds ahead of time for the existing and potential projects. The Company will continue to look for good investment opportunities in the commercial real estate industry, and to generate greater returns to our shareholders.”