New Issue: Yuzhou Properties sells $400 million 7.7% notes due 2025 at par

By Wendy Van Sickle

Columbus, Ohio, Feb. 12 – China’s Yuzhou Properties Co. Ltd. priced $400 million of 7.7% five-year senior notes (B1//BB-) at par on Wednesday, according to a Stock Exchange of Hong Kong notice.

BOC International, Credit Suisse, Barclays, Haitong International and Yuzhou Financial 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:	$400 million
Maturity:	Feb. 20, 2025
Bookrunners:	BOC International, Credit Suisse, Barclays, Haitong International and Yuzhou Financial
Coupon:	7.7%
Price:	Par
Yield:	7.7%
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 107.7 until Feb. 20, 2023
Pricing date:	Feb. 12
Settlement date:	Feb. 20
Ratings:	Moody’s: B1
	Fitch: BB-
Distribution:	Regulation S

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