Published on 1/28/2019 in the Prospect News Emerging Markets Daily.
New Issue: China’s Yuzhou Properties sells $500 million 8˝% notes due 2023 at par
By Wendy Van Sickle
Columbus, Ohio, Jan. 28 – Yuzhou Properties Co. Ltd. priced $500 million of 8˝% four-year senior notes (B1//BB-) at par on Monday, according to a company announcement.
The bookrunners, global coordinators and lead managers for the sale are Deutsche Bank, Morgan Stanley, BOC International, Credit Suisse, Goldman Sachs (Asia) LLC and Yuzhou Financial.
Proceeds from the Regulation S offering will be used mainly to refinance existing debt.
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: | $500 million
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Maturity: | Feb. 4, 2023
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Bookrunners: | Deutsche Bank, Morgan Stanley, BOC International, Credit Suisse, Goldman Sachs (Asia) LLC and Yuzhou Financial
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Coupon: | 8˝%
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Price: | Par
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Yield: | 8˝%
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Call: | Make-whole call until Feb. 4, 2022, then callable at 104.25 plus interest
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Equity clawback: | For up to 35% at 108.5
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Pricing date: | Jan. 28
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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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