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China’s Guorui Properties plans tap of 13˝% notes due 2022
By Wendy Van Sickle
Columbus, Ohio, March 7 – Guorui Properties Ltd. is planning to price an add-on to its 13˝% senior notes due 2022, according to an announcement.
The notes will be consolidated and form a single series with the $160 million of the notes that priced at 97 on Feb. 25 and were issued on Feb. 28.
Haitong International is the global coordinator, lead manager and bookrunner of the Regulation S tap offering.
Proceeds will be used to repurchase the portion of the company’s $300 million 7% notes due 2020 that the company is requested to repurchase under a put option that holders may exercise on March 20. Any remaining proceeds would be used for general corporate purposes.
Beijing-based Guorui Properties is a residential developer and is incorporated in the Cayman Islands under the name Glory Land Co. Ltd.
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