Yango Group accepts tenders for $125.53 million of 9˝% notes due 2021

By Taylor Fox

New York, Nov. 19 – Yango Group Co., Ltd. announced the results of its offer to purchase up to $110 million of the outstanding $460 million 9˝% senior notes due 2021 (ISIN: XS1973241125) issued by subsidiary Yango Justice International Ltd.

As of the 11 a.m. ET Nov. 18 expiration date, $125.53 million, or 27.29%, of the notes had been validly tendered, according to a company announcement.

Although the amount of tendered notes exceeds the maximum acceptance amount, Yango will accept for purchase all validly tendered notes.

Yango expects to pay $129,126,783.25, including interest, to holders of the accepted notes.

As previously reported, the purchase price is $1,016.25 per $1,000 of notes, plus interest.

The settlement date is expected to be Nov. 20.

Following the settlement, $334.47 million of the notes will remain outstanding.

The offer will be financed using internal cash resources.

The offer was made as part of Yango Group’s efforts to proactively manage its balance sheet liabilities and optimize its debt structure.

Standard Chartered Bank, Haitong International Securities Co. Ltd. and Guotai Junan Securities (Hong Kong) Ltd. are dealer managers.

D.F. King Ltd. (+44 20 7920 9700, +852 3953 7208; yango@dfkingltd.com) is the information and tender agent.

Yango Group is a real estate development company based in Fujian, China.

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