Published on 1/10/2023 in the Prospect News Emerging Markets Daily.
New Issue: Yuexiu Property unit opens par-priced RMB 2 billion offering of 4% notes due 2026
By William Gullotti
Buffalo, N.Y., Jan. 10 – Joy Delight International Ltd., an indirect wholly owned subsidiary of Yuexiu Property Co., Ltd., entered into a subscription agreement to sell RMB 2 billion of 4% guaranteed notes due 2026 at par, according to an announcement on Tuesday.
The Regulation S notes will be issued by the subsidiary and guaranteed by the parent.
CLSA Ltd., CMB International Capital Ltd., Yue Xiu Securities Co., Ltd., Chong Hing Bank Ltd., Industrial Bank Co., Ltd. Hong Kong Branch, Shanghai Pudong Development Bank Co., Ltd., Hong Kong Branch, Hua Xia Bank Co., Ltd., Hong Kong Branch, CMB Wing Lung Bank Ltd., Bank of Communications Co., Ltd., Hong Kong Branch, ABCI Capital Ltd. and China Zheshang Bank Co., Ltd. (Hong Kong Branch) are the joint lead managers and joint bookrunners for the offering.
Proceeds will be used to refinance certain offshore medium- to long-term debt maturing January 2023.
After settlement, the issuer will apply to list the notes on the Chongwa (Macao) Exchange.
Yuexiu is a real estate investment trust based in Hong Kong.
| Issuer: | Joy Delight International Ltd.
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| Guarantor: | Yuexiu Property Co., Ltd.
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| Amount: | RMB 2 billion
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| Issue: | Guaranteed notes
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| Maturity: | 2026
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| Managers: | CLSA Ltd., CMB International Capital Ltd., Yue Xiu Securities Co., Ltd., Chong Hing Bank Ltd., Industrial Bank Co., Ltd. Hong Kong Branch, Shanghai Pudong Development Bank Co., Ltd., Hong Kong Branch, Hua Xia Bank Co., Ltd., Hong Kong Branch, CMB Wing Lung Bank Ltd., Bank of Communications Co., Ltd., Hong Kong Branch, ABCI Capital Ltd. and China Zheshang Bank Co., Ltd. (Hong Kong Branch)
|
| Coupon: | 4%
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| Price: | Par
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| Yield: | 4%
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| Change-of-control put: | At par
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| Pricing date: | Jan. 9
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| Settlement date: | Jan. 16
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| Distribution: | Regulation S
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