Jan. 26 (Bloomberg) -- PCD Stores Ltd., which runs luxury and high-end fashion department stores in China, sold 750 million yuan ($114 million) of 5.25 percent bonds due in 2014, according to data compiled by Bloomberg.
The Hong Kong-based company received orders of about 1.75 billion yuan and 97 percent of the notes were sold to investors in Asia, according to a person familiar with the matter. About half of the securities were sold to fund and asset managers, the person said, asking not to be identified as details are private.
PCD, which until today didn’t have any bonds or loans outstanding according to data compiled by Bloomberg, scrapped a plan to sell five-year bonds as well after feedback from investors indicated they would be more comfortable with shorter-dated debt from a debut credit at a time when markets are volatile, the person said.
Proceeds from the sale will be used for working capital and to fund expansion, according to a Jan. 18 filing. PT Sulfindo Adiusaha, an Indonesian debut issuer, delayed its planned dollar bond sale today, while Pacific Andes Resources Development Ltd., a Singapore-based processor of frozen seafood and vegetables, postponed its first sale of yuan-denominated bonds in Hong Kong earlier this week, citing unfavorable market conditions.
HSBC Holdings Plc helped organize the issue, according to the Jan. 18 filing.
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