Sunland Group (ASX Code: SDG) a property development group listed on the ASX announced that it had completed the a 5-year medium term note (MTN) offering through FIIG Securities. The issuer announced that the note had been met with strong demand and as a result they accepted $10million of oversubscriptions and hance the deal was upsized to $50 million. Proceeds from the offer will be in addition to Sunland's existing banking arrangements will be used to fund the issuer's current property development land and residential projects and provide further working capital for the group.
The senior unsecured notes will pay an indicative interest rate of 7.55% and will require a minimum initial investment of $50,000 at issue. They will be distributed to new and existing FIIG Securities clients who qualify as sophisticated or professional investors.
Details of the announcement can be found here.