China developer Evergrande to redeem early $1.35b 2015 bonds

Evergrande Real Estate Group, China's third largest property developer, said on Sunday it plans to redeem early its 13 percent-coupon bonds due in January 2015, using cash to pay the $1.35 billion in outstanding principal.

The company will redeem in full the securities at a price of 100 percent of the principal plus an applicable premium and accrued and unpaid interest, Evergrande said in a securities filing. The bonds were originally issued in 2010.

Moody's Investors Service in October changed the outlook for Evergrande's debt ratings to negative from stable, citing "concerns over Evergrande's increased refinancing risk amid more challenging market conditions, as well as its investment in non-property businesses."

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