Hong Kong-listed CSI Properties (00497) announced that wholly-owned subsidiary Estate Sky Limited (ESL) has signed a subscription agreement with The Hongkong and Shanghai Banking Corporation Limited to issue an additional US$50.00 million of 10.50% guaranteed notes maturing on 21 May 2028. The new tranche will be consolidated with the existing US$200.00 million notes of the same series, lifting the total outstanding to US$250.00 million.
Key terms • Issue size: US$50.00 million, offered at 101.75% of principal, plus accrued interest from 21 May 2026 to the closing date. • Coupon: 10.50% per annum, payable semi-annually on 21 May and 21 November, first payment on 21 Nov 2026. • Maturity: 21 May 2028, with partial mandatory redemptions of US$37.50 million each on 21 Nov 2026 and 21 May 2027. • Optional call: Redeemable at 103% of principal from 21 May 2027. • Change-of-control put: 101% of principal. • Status: Direct, unsecured and unsubordinated obligations of ESL, irrevocably and unconditionally guaranteed by CSI Properties on a pari passu basis.
Proceeds & Use Gross proceeds are expected to total approximately US$50.88 million before fees and expenses. Net proceeds will be on-lent within the group for refinancing or repayment of existing debt, including the outstanding US$300.00 million 5.45% notes due 2025.
Subscription & Listing • Sole global coordinator, lead manager and bookrunner: HSBC. • Closing date: 29 May 2026, subject to customary conditions precedent, including SGX-ST in-principle approval (already obtained) and absence of material adverse changes. • The notes will be listed on the Singapore Exchange; no Hong Kong listing is sought.
Strategic Rationale Management views the tap issuance as part of ongoing balance-sheet optimization and continued access to international debt capital markets to support future growth. Shareholders and prospective investors are advised that completion of the issuance remains subject to final conditions and may not proceed if the subscription agreement is terminated under specified market or company-specific events.