New Issue: China’s Yuexiu Property prices $1.2 billion notes due 2021, 2023

By Marisa Wong

Morgantown, W.Va., April 13 – Yuexiu Property Co. Ltd. said its indirectly wholly owned subsidiary, Westwood Group Holdings Ltd., priced $1.2 billion of notes on Thursday.

The notes (Baa3//BBB-) will be guaranteed by Yuexiu Property and will be issued under the company’s recently launched $3 billion guaranteed medium-term note program.

The issue consists of $800 million of 4 7/8% notes due 2021 and $400 million of 5 3/8% notes due 2023. The series 1 notes due 2021 will be issued at 99.84, and the series 2 notes due 2023 will be issued at 99.115.

Bank of China (Hong Kong) Ltd., Chong Hing Bank Ltd., CMBC Securities Co. Ltd., DBS Bank Ltd., Deutsche Bank AG, Hong Kong Branch, Guotai Junan Securities (Hong Kong) Ltd., Hongkong and Shanghai Banking Corp. Ltd., Morgan Stanley & Co. International plc, Nomura International (Hong Kong) Ltd., Yue Xiu Securities Co. Ltd., China Everbright Bank Co., Ltd., Hong Kong Branch, China Minsheng Banking Corp., Ltd., Hong Kong Branch and Industrial Bank Co., Ltd. Hong Kong Branch are the managers for the Regulation S offering.

Proceeds will be used to refinance existing debt and for general corporate purposes.

Yuexiu is a property developer based in Hong Kong.

Issuer:	Westwood Group Holdings Ltd.
Guarantor:	Yuexiu Property Co. Ltd.
Issue:	Medium-term notes
Amount:	$1.2 billion
Managers:	Bank of China (Hong Kong) Ltd., Chong Hing Bank Ltd., CMBC Securities Co. Ltd., DBS Bank Ltd., Deutsche Bank AG, Hong Kong Branch, Guotai Junan Securities (Hong Kong) Ltd., Hongkong and Shanghai Banking Corp. Ltd., Morgan Stanley & Co. International plc, Nomura International (Hong Kong) Ltd., Yue Xiu Securities Co. Ltd., China Everbright Bank Co., Ltd., Hong Kong Branch, China Minsheng Banking Corp., Ltd., Hong Kong Branch and Industrial Bank Co., Ltd. Hong Kong Branch
Put option:	Upon change of control
Pricing date:	April 12
Distribution:	Regulation S
Ratings:	Moody’s: Baa3
	Fitch: BBB-
Series 1 notes
Amount:	$800 million
Maturity:	2021
Coupon:	4 7/8%
Price:	99.84
Series 2 notes
Amount:	$400 million
Maturity:	2023
Coupon:	5 3/8%
Price:	99.115

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