China’s JY Grandmark offers to exchange 7˝% notes for new notes

Chicago, Jan. 25 – JY Grandmark Holdings Ltd. announced an offer to exchange its outstanding 7˝% senior notes due March 9, 2021 (ISIN: XS2126438824) for new notes, according to an announcement on Monday.

The new Regulation S notes are expected to have a tenor of 364 days and bear a minimum yield of 7˝%.

The exchange offer is for $1,000 of new notes plus interest for $1,000 of old notes.

The deadline is 11 a.m. ET on Feb. 1.

On Feb. 2 the company will announce the results of the exchange and final interest rate of the new notes with the pricing of the concurrent new money issue.

Settlement is expected for Feb. 8 with the listing of the new notes set for Feb. 9.

The purpose of the exchange offer is to extend the company’s debt maturity profile and improve its debt structure.

Haitong International Securities Co. Ltd. is the dealer manager.

D.F. King is the information and exchange agent (+44 20 7920 9700, +852 3953 7208, JYGrandmark@dfkingltd.com, https://sites.dfkingltd.com/JYGrandmark).

JY Grandmark is a property developer based in Guangzhou, China.

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