By Wendy Van Sickle
Columbus, Ohio, Oct. 18 – Zhenro Properties Group Ltd. priced a $70 million add-on to its 12˝% senior notes due 2021 at 98.176 on Thursday, according to a notice.
Deutsche Bank, China Industrial Securities International, CMB International and Haitong International acted as bookrunners for the Regulation S offering.
Proceeds will be used to refinance debt.
Zhenro priced the original $280 million issue of the notes on Sept. 19 at 97.78.
The company is a real estate developer and property manager based in Shanghai, China.
| Issuer: | Zhenro Properties Group Ltd.
|
| Issue: | Senior notes
|
| Amount: | $70 million add-on
|
| Maturity: | Jan. 2, 2021
|
| Coupon: | 12˝%
|
| Price: | 98.176
|
| Call: | Make-whole call at any time
|
| Equity clawback: | For up to 35% at 112.5 before Jan. 2, 2021
|
| Bookrunners: | Deutsche Bank, China Industrial Securities International, CMB International and Haitong International
|
| Ratings: | Moody’s: B3
|
| S&P: B-
|
| Pricing date: | Oct. 18
|
| Distribution: | Regulation S
|
| Original issue: | $280 million priced on Sept. 19
|
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