Published on 5/15/2023 in the Prospect News Emerging Markets Daily.
New Issue: Yuexiu Property details sale of RMB 1.4 billion 3.8% guaranteed notes due 2026
By William Gullotti
Buffalo, N.Y., May 15 – Yuexiu Property Co., Ltd. provided details of subsidiary Joy Delight International Ltd.’s par-priced offering of RMB 1,396,000,000 of 3.8% guaranteed notes due 2026 on Friday, according to a listing notice and an offering circular on Monday.
The Regulation S notes were issued by the subsidiary and guaranteed by the parent.
Citic Securities, CMB International, Yue Xiu Securities, Chong Hing Bank, ICBC (Asia), Hua Xia Bank Co., Ltd., Hong Kong Branch, Shanghai Pudong Development Bank Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch, Bank of Communications and ABC International were the joint lead managers and joint bookrunners, with Citic, CMB, Yue Xiu, Chong Hing, ICBC and Hua Xia also acting as joint global coordinators.
Proceeds will be used to refinance certain offshore medium- to long-term debt.
As previously reported, listing for the notes is expective on the Chongwa (Macao) Exchange effective May 15.
Yuexiu is a real estate investment trust based in Hong Kong.
| Issuer: | Joy Delight International Ltd.
|
| Guarantor: | Yuexiu Property Co., Ltd.
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| Amount: | RMB 1,396,000,000
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| Issue: | Guaranteed notes
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| Maturity: | May 12, 2026
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| Bookrunners: | Citic Securities, CMB International, Yue Xiu Securities, Chong Hing Bank, ICBC (Asia), Hua Xia Bank Co., Ltd., Hong Kong Branch, Shanghai Pudong Development Bank Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch, Bank of Communications and ABC International
|
| Trustee: | China Central Depository & Clearing Co., Ltd. (as principal paying agent, transfer agent and registrar)
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| Counsel to issuer: | Clifford Chance (England, Hong Kong), King & Wood Mallesons (China), Conyers Dill & Pearman (BVI)
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| Counsel to underwriters: | Linklaters (England, Hong Kong), JunHe LLP (China)
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| Coupon: | 3.8%
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| Price: | Par
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| Yield: | 3.8%
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| Call: | For taxation reasons at par
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| Change of control: | At 101
|
| Pricing date: | May 5
|
| Issue date: | May 12
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| Listing date: | May 15
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| Distribution: | Regulation S
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