New Issue: China’s Yuzhou Properties sells $400 million add-on to 6% notes due 2023 at 93.872

By Wendy Van Sickle

Columbus, Ohio, July 2 – Yuzhou Properties Co. Ltd. priced $400 million of additional 6% senior notes due 2023 at 93.872 on Wednesday, according to a company announcement.

The notes will be consolidated and form a single series with the $250 million of the notes issued Oct. 25, 2016.

The bookrunners, global coordinators and lead managers for the sale were BOC International, HSBC, J.P. Morgan, Barclays, Guotai Junan International, Haitong International and Yuzhou Financial.

Proceeds will be used to repay debt and, to a lesser extent, for business development in China.

Yuzhou is a property developer based in Hong Kong.

Issuer:	Yuzhou Properties Co. Ltd.
Issue:	Senior notes
Amount:	$400 million add-on
Maturity:	Oct. 25, 2023
Bookrunners:	BOC International, HSBC, J.P. Morgan, Barclays, Guotai Junan International, Haitong International and Yuzhou Financial
Coupon:	6%
Price:	93.872
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 until Oct. 25, 2021, then at 101.5 until Oct. 25, 2022 and at par thereafter
Original issue:	$250 million issued Oct. 25, 2016
Pricing date:	July 2
Distribution:	Regulation S

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