New Issue: Yuexiu Property details sale of RMB 510 million 4% guaranteed notes due 2026

By William Gullotti

Buffalo, N.Y., Nov. 16 – Yuexiu Property Co., Ltd. provided details of subsidiary Joy Delight International Ltd.’s par-priced offering of RMB 510 million 4% guaranteed notes due 2026 (Baa3) on Wednesday, according to a listing notice and an offering circular on Thursday.

The Regulation S notes were issued by the subsidiary and guaranteed by the parent.

Citic Securities, CMB International Capital Ltd., Chong Hing Bank Ltd., Yue Xiu Securities Co., Ltd., Hua Xia Bank Co., Ltd., Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch, ABCI Capital Ltd., Bank of Communications Co., Ltd., Hong Kong Branch, China Minsheng Banking Corp., Ltd., Hong Kong Branch, China Citic Bank International Ltd. and Luso International Banking Ltd. are the joint lead managers and joint bookrunners, with Citic Securities, CMB, Chong Hing, Yue Xiu, Hua Xia and Industrial Bank also serving as joint global coordinators.

Proceeds will be used to refinance offshore debt maturing within one year.

As previously reported, listing for the notes is expected on the Chongwa (Macao) Exchange effective Nov. 16.

Yuexiu is a real estate investment trust based in Hong Kong.

Issuer:	Joy Delight International Ltd.
Guarantor:	Yuexiu Property Co., Ltd.
Amount:	RMB 510 million
Issue:	Guaranteed notes
Maturity:	Nov. 15, 2026
Bookrunners:	Citic Securities, CMB International Capital Ltd., Chong Hing Bank Ltd., Yue Xiu Securities Co., Ltd., Hua Xia Bank Co., Ltd., Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch, ABCI Capital Ltd., Bank of Communications Co., Ltd., Hong Kong Branch, China Minsheng Banking Corp., Ltd., Hong Kong Branch, China Citic Bank International Ltd. and Luso International Banking Ltd.
Trustee:	China Citic Bank International Ltd.
Counsel to issuer:	Clifford Chance (Hong Kong), King & Wood Mallesons (China), Conyers Dill & Pearman (BVI)
Counsel to underwriters:	Linklaters (Hong Kong), JunHe LLP (China)
Coupon:	4%
Price:	Par
Yield:	4%
Call:	For taxation reasons at par plus interest
Change of control:	At 101 plus interest
Pricing date:	Nov. 8
Issue date:	Nov. 15
Listing date:	Nov. 16
Rating:	Moody’s: Baa3
Distribution:	Regulation S
ISIN:	HK0000963139

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.