New Issue: China’s Yuzhou Properties sells $500 million 8˝% notes due 2024

By Rebecca Melvin

New York, Feb. 19 – Yuzhou Properties Co. Ltd. priced $500 million of 8˝% five-year notes (proposed ratings: B1//BB-) at par, according to a market source.

Bookrunners were Bank of China, Credit Suisse, Goldman Sachs, HSBC, China International Capital Corp., China Merchants Bank, Haitong International Securities Group, JPMorgan, Morgan Stanley and Yuzhou Investment.

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.
Issue:	Senior notes
Amount:	$500 million
Maturity:	Feb. 26, 2024
Bookrunners:	Bank of China, Credit Suisse, Goldman Sachs, HSBC, China International Capital Corp., China Merchants Bank, Haitong International Securities Group, JPMorgan, Morgan Stanley and Yuzhou Investment
Coupon:	8˝%
Price:	Par
Yield:	8˝%
Pricing date:	Feb. 19
Settlement date:	Feb. 26
Ratings:	Moody’s: B1
	Fitch: BB-
Distribution:	Regulation S

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