By Marisa Wong
Morgantown, W.Va., Oct. 19 – Yuzhou Properties Co. Ltd. announced it priced $250 million of 6% senior notes due 2023 (expected: B1//BB-) at par on Tuesday.
BOC International, Credit Suisse, Deutsche Bank, Haitong International, HSBC and Huatai Financial are the joint bookrunners and the joint lead managers. Yuzhou Financial is also a joint lead manager for the Regulation S deal.
The notes are provisionally callable for the first four years. After that, the notes are callable in whole or in part at 103 in year five, at 101.5 in year six and at par in year seven.
The company will use proceeds mainly to refinance its existing debt and, to a lesser extent, for general corporate purposes.
Yuzhou is a property developer based in Hong Kong.
| Issuer: | Yuzhou Properties Co. Ltd.
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| Issue: | Senior notes
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| Amount: | $250 million
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| Maturity: | 2023
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| Coupon: | 6%
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| Price: | Par
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| Yield: | 6%
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| Bookrunners: | BOC International, Credit Suisse, Deutsche Bank, Haitong International, HSBC and Huatai Financial (joint bookrunners and joint lead managers); Yuzhou Financial (joint lead manager)
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| Call option: | At any time before Oct. 25, 2020, in whole at par plus applicable premium or 35% equity clawback at 106; after that, in whole or in part at 103 in year five, at 101.5 in year six and at par in year seven
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| Pricing date: | Oct. 18
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| Ratings: | Moody’s: B1
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| Fitch: BB-
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| Distribution: | Regulation S
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