Hong Kong, 27 April 2026—Shui On Land Limited announced that its wholly owned subsidiary, Shui On Development (Holding) Limited, has signed a Purchase Agreement with UBS AG Hong Kong Branch for the further issuance of US$150.00 million 9.75% senior notes due 2029. The new tranche will be consolidated to form a single series with the US$300.00 million Original Notes issued on 26 January 2026.
Key Transaction Terms 1. Issue size: US$150.00 million. 2. Offer price: 100.562% of principal. 3. Coupon: 9.75%, payable semi-annually on 26 January and 26 July, commencing 26 July 2026. 4. Maturity: 2029, with optional redemption from 26 July 2027 at 104.50%–102.00% of principal, or earlier at 100% plus applicable premium. 5. Net proceeds: approximately US$153.00 million after fees and expenses. 6. Ranking: senior, unsecured obligations of Shui On Development; guaranteed on a senior basis by Shui On Land. 7. Distribution: offered outside the United States under Regulation S; no public offering in Hong Kong. 8. Listing: Approval-in-principle obtained for quotation on Singapore Exchange (SGX-ST); no Hong Kong listing contemplated. 9. Sole global coordinator, initial purchaser and bookrunner: UBS AG Hong Kong Branch.
Use of Proceeds The group intends to deploy the estimated US$153.00 million in net proceeds to refinance and repay existing indebtedness, aligning with management’s ongoing liability-management strategy.
Covenants and Event-of-Default Framework The notes and parent guarantee include customary covenants limiting additional indebtedness, dividend distributions, asset sales, affiliate transactions, liens and mergers. Events of default encompass non-payment, covenant breaches, cross-default thresholds of US$20.00 million, and specified insolvency events, among others. Acceleration can be triggered by the trustee or holders of at least 25% of outstanding notes, with automatic acceleration upon certain insolvency events.
Strategic Context Shui On Land remains focused on large-scale, mixed-use city-core developments across mainland China. The incremental issuance—bringing the total outstanding under this series to US$450.00 million—supports the company’s strategy of proactive debt management amid a higher-rate environment while maintaining funding flexibility through its established SGX-listed bond platform.