New Issue: China’s Yuzhou Properties sells $375 million 6 3/8% three-year notes

By Marisa Wong

Morgantown, W.Va., Feb. 28 – Yuzhou Properties Co. Ltd. priced $375 million of 6 3/8% three-year senior notes (B+/BB-) at par on Tuesday, according to a company announcement.

BOC International, Haitong International, Credit Suisse, Huatai and Yuzhou Financial are the joint bookrunners and the joint lead managers.

The company will use the proceeds of the Regulation S deal to refinance its existing debt and for general working capital purposes.

Yuzhou is a property developer based in Hong Kong.

Issuer:	Yuzhou Properties Co. Ltd.
Issue:	Senior notes
Amount:	$375 million
Maturity:	March 6, 2021
Bookrunners:	BOC International, Haitong International, Credit Suisse, Huatai and Yuzhou Financial
Coupon:	6 3/8%
Price:	Par
Yield:	6 3/8%
Call option:	In whole or in part at 103.1875 at any time on or after March 6, 2020; in whole at par plus an applicable premium at any time prior to March 6, 2020
Equity clawback:	Up to 35% at 106.375
Pricing date:	Feb. 27
Ratings:	S&P: B+
	Fitch: BB-
Distribution:	Regulation S

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