New Issue: China’s Jingrui Holdings sells $110 million add-on to 14½% notes due 2023 at 100.8

By Taylor Fox

New York, March 17 – Jingrui Holdings Ltd. priced an additional $110 million of 14½% senior notes due 2023 at 100.8, according to a Hong Kong Stock Exchange announcement.

The additional notes will be consolidated to form a single class with the $240 million of the notes issued on Nov. 19.

As previously reported, Jingrui entered into the original purchase agreement with Guotai Junan International, Haitong International, BOSC International, Barclays, China International Capital Corp., Vision Capital International, China Citic Bank International, TFI Securities and Futures Ltd. and CMBC Capital.

The group intends to use the net cash proceeds from the issuance to refinance its existing debt.

Jingrui is a Shanghai-based property developer.

Issuer:	Jingrui Holdings Ltd.
Issue:	Senior notes
Amount:	$110 million add-on
Maturity:	Feb. 19, 2023
Bookrunners:	Guotai Junan International, Haitong International, BOSC International, Barclays, China International Capital Corp., Vision Capital International, China Citic Bank International, TFI Securities and Futures Ltd. and CMBC Capital
Coupon:	14½%
Price:	100.8
Call:	Any time at par plus applicable premium
Equity clawback:	For up to 35% of the notes at 114.5
Pricing date:	March 16
Issue date:	March 19
Distribution:	Regulation S
Total amount:	$350 million, including $240 million notes issued on Nov. 19, 2020

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