China developer Seazen launches $300 million bond sale (updated)

Seazen

12/06/2025 12:26

Adds deal size in first paragraph

By Scott Murdoch

SYDNEY, June 12 (Reuters) - China property developer Seazen Group 1030.HK has launched a $300 million bond sale, according to a term sheet seen by Reuters on Thursday.

In a filing to the Hong Kong Stock Exchange earlier in the day, Seazen said it was planning a dollar-denominated debt issue to buy back some of the company's existing bonds. It did give an issue size.

The deal is the first from a private Chinese developer since 2023, although state-backed Greentown and Beijing Capital tapped dollar markets earlier this year.

Seazen is offering a three-year bond with a non-call, non-put option for the first two years, the term sheet showed. A yield to put of around 12.95% is down from initial guidance of 13.25%.

In its regulatory filing, Seazen said the proceeds would be used to partly repay its $300 million bond maturing in July and another $300 million bond due in October.

Seazen has weathered the China property crisis better than most of its rivals, and was able to tap dollar-funding markets during the downturn of the past few years.

The company raised $100 million in a 364-day green bond in May 2022.

 (Reporting by Scott Murdoch; Editing by Harikrishnan Nair, Kirsten Donovan)

 ((Scott.Murdoch@thomsonreuters.com;))