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Shangri-La raises $153 million through first Dim Sum bond

By Reuters News

HONG KONG, Nov 10 (Reuters) - Hotel group Shangri-La Asia 0069.HK has raised 1.02 billion yuan ($152.9 million) through its first offshore yuan bond, or Dim Sum bond, it said on Tuesday, expanding its funding sources beyond bank loans and mainland China's debt markets.

  • The seven-year bond carries a fixed annual coupon of 2.70% and was issued through a private placement

  • The company priced the bond on October 29 and completed the sale on November 9

  • DBS Bank DBSM.SI and United Overseas Bank UOBH.SI acted as joint dealers on the transaction

  • Shangri-La said it would use the proceeds for general corporate purposes, including refinancing existing debt

($1 = 6.6702 Chinese yuan renminbi)

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