CSI PROPERTIES (00497) has announced an additional issuance of USD 50 million in 10.50% guaranteed notes due 2028. This issuance follows the company's earlier issuance of USD 150 million in notes on May 21, 2025, and a subsequent USD 50 million issuance on September 29, 2025, both with the same maturity and coupon rate.

On May 21, 2026, the company and its wholly-owned subsidiary, ESL, entered into a subscription agreement with The Hongkong and Shanghai Banking Corporation Limited, acting as the exclusive global coordinator, exclusive lead manager, and exclusive bookrunner, for the issuance of these additional new notes.

The terms and conditions of the additional new notes are identical to those of the existing new notes, except for the issue price, the settlement date, and the specific redemption amounts payable by ESL on designated dates. Upon issuance, the additional new notes will be consolidated with and form a single series with the existing new notes, constituting a further issuance under the terms of the original notes.

The gross proceeds from the issuance of the additional new notes, before deducting underwriting commissions and estimated offering expenses, will be USD 50.875 million. This amount excludes accrued interest from May 21, 2026 (inclusive) up to, but not including, the settlement date of the additional new notes.

ESL intends to use the net proceeds from this issuance in full, either directly or by on-lending to the company and/or other members of the group, for the purpose of refinancing or repaying certain existing debts.