By Marisa Wong
Morgantown, W.Va., July 24 – Yuzhou Properties Co. Ltd. announced it priced $425 million of additional 7.9% senior notes due May 11, 2021 on Monday.
The company sold the original $200 million of 7.9% three-year notes (B+/BB-) in May, as previously reported.
The add-on notes were priced at 99.126 plus accrued interest from May 11 to but excluding July 30.
BOC International and Credit Suisse acted as joint bookrunners for the Regulation S add-on.
Proceeds from the latest notes will be used mainly to refinance existing debt.
Yuzhou is a property developer based in Hong Kong.
| Issuer: | Yuzhou Properties Co. Ltd.
|
| Issue: | Senior notes add-on
|
| Amount: | $425 million
|
| Maturity: | May 11, 2021
|
| Bookrunners: | BOC International and Credit Suisse
|
| Coupon: | 7.9%
|
| Price: | 99.126 plus accrued interest from May 11 to but excluding July 30
|
| Pricing date: | July 23
|
| Settlement date: | July 30
|
| Ratings: | S&P: B+
|
| Fitch: BB-
|
| Distribution: | Regulation S
|
| Total issuance: | $625 million, including $200 million issued on May 11
|
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