JY Grandmark offers to swap 9½% notes due 2024 for new 364-day notes

By Mary Katherine Stinson

Lexington, Ky., Dec. 20 – JY Grandmark Holdings Ltd. launched an offer to exchange all $152.1 million outstanding 9½% senior notes due 2024 (ISIN: XS2560991015) for new notes with an expected coupon of 9½% and a 364-day tenor, according to a notice.

The Regulation S offer is open to non-U.S. persons outside of the United States.

The company is offering to exchange the notes at par. Accrued interest will also be paid in kind, in new notes.

Notes exchanged must be in a minimum of $150,000 or they will be rejected.

Instructions in connection with the exchange offer are irrevocable.

The exchange offer is conditioned the satisfaction or waiver of certain conditions.

The offer expires at 11 a.m. ET on Jan. 9.

Settlement is planned on or about Jan. 11 with listing of the new notes on Jan. 12.

The company will not receive any cash proceeds from the offer. Any existing notes exchanged will be canceled.

The company is seeking to extend its debt maturity profile and refinance the existing notes.

The existing notes were the product of an exchange offer conducted in 2022 for 7½% notes.

Haitong International 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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