By Paul A. Harris
St. Louis, Dec. 8 - After pulling its deal in mid-November, Yuzhou Properties Co. Ltd. returned to the high-yield market on Wednesday and priced a $200 million issue of 13½% five-year senior notes (B2/B/) at 98.24 to yield 14%, according to market sources.
The deal came on top of the most recent price talk. However when the Fujian Province-based property developer came into the market earlier, in November, it was looking for a yield in the 13% to 13½% context, a source said.
Bank of China International, Nomura and the Royal Bank of Scotland managed the bond sale.
Proceeds will be used for general corporate purposes.
| Issuer: | Yuzhou Properties Co. Ltd.
|
| Face amount: | $200 million
|
| Proceeds: | $196.48 million
|
| Maturity: | Dec. 15, 2015
|
| Securities: | Senior notes
|
| Bookrunners: | Bank of China International, Nomura, Royal Bank of Scotland
|
| Coupon: | 13½%
|
| Price: | 98.24
|
| Yield: | 14%
|
| Call protection: | Three years
|
| Trade date: | Dec. 8
|
| Settlement date: | Dec. 15
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 14% area
|
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