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China’s Yuzhou accepts tenders for $257.93 million of 8 5/8% notes
By Sarah Lizee
Olympia, Wash., Dec. 4 – Yuzhou Properties Co. Ltd. announced the results of its tender offer for any and all of its $500 million of 8 5/8% senior notes due 2022.
The company said it accepted for purchase all $257,931,000 of notes tendered by the deadline, which was 11 a.m. ET on Dec. 3.
Following settlement, which is expected for Dec. 5, $242,069,000 of the notes will remain outstanding.
As previously reported, the company is offering $1,054 per $1,000 principal amount of notes plus accrued interest.
The offer was conditioned on consummation of a concurrent offering of dollar-denominated senior notes. On Nov. 27, the company issued $500 million of 8.3% senior notes (B1//BB-) due May 27, 2025 at par.
BOCI Asia Ltd. (852 3988 6910) and Deutsche Bank AG, Hong Kong Branch (852 2203 8398) are joint dealer managers.
D.F. King Ltd. (+44 20 7920 9700, 852 3953 7231 or yuzhouproperties@dfkingltd.com) is the information and tender agent.
Yuzhou is a property developer based in Hong Kong.
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