China’s JY Grandmark gives results on exchange offer for 7˝% notes

By Taylor Fox

New York, Feb. 2 – JY Grandmark Holdings Ltd. announced results of its offer to exchange outstanding 7˝% senior notes due March 9, 2021 (ISIN: XS2126438824) for new notes, according to an announcement.

As of the 11 a.m. ET Feb. 1 expiration, $137.5 million, or 91.7%, of the outstanding notes were validly tendered and accepted.

The company will issue $1,000 of new notes plus interest for each $1,000 of old notes.

As previously reported, the new Regulation S notes are expected to have a tenor of 364 days and bear a minimum yield of 7˝%. The company said it will make a further announcement with pricing details of the new notes.

Settlement is expected for Feb. 8, with 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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