New Issue: China’s Yuzhou Properties sells $645 million 7 3/8% senior notes due 2025 at par

By Wendy Van Sickle

Columbus, Ohio, Jan. 6 – Yuzhou Properties Co. Ltd. priced $645 million of 7 3/8% senior notes (B1//BB-) due May 27, 2026 at par, according to a Stock Exchange of Hong Kong notice.

BOC International, HSBC, JPMorgan, Goldman Sachs (Asia) LLC, Morgan Stanley, Deutsche Bank, Credit Suisse, Haitong International and CMB International are the lead managers, bookrunners and global coordinators for the Regulation S offering.

Proceeds will be used to refinance existing debt due within one year.

Yuzhou is a property developer based in Hong Kong.

Issuer:	Yuzhou Properties Co. Ltd.
Issue:	Senior notes
Amount:	$645 million
Maturity:	Jan. 13, 2026
Bookrunners:	BOC International, HSBC, JPMorgan, Goldman Sachs (Asia) LLC, Morgan Stanley, Deutsche Bank, Credit Suisse, Haitong International and CMB International
Coupon:	7 3/8%
Price:	Par
Yield:	7 3/8%
Call:	Make-whole call for first three years, then callable at 103 in year four and 101 in year five
Equity clawback:	For up to 35% at 107 3/8 until Jan. 13, 2024
Pricing date:	Jan. 6
Settlement date:	Jan. 13
Ratings:	Moody’s: B1
	Fitch: BB-
Distribution:	Regulation S

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