New Issue: Hong Kong’s Yanlord prices $400 million 6.8% five-year notes at par

By Sarah Lizee

Olympia, Wash., Aug. 21 – Yanlord Land Group Ltd. priced $400 million 6.8% five-year notes (Ba3/BB-) at par on Wednesday, according to a company announcement.

The notes are being issued by subsidiary Yanlord Land (HK) Co., Ltd.

DBS Bank, HSBC and Standard Chartered Bank are bookrunners for the Regulation S deal.

The issuer is a Hong Kong-based property developer.

Issuer:	Yanlord Land (HK) Co., Ltd.
Guarantor:	Yanlord Land Group Ltd.
Amount:	$400 million
Maturity:	Feb. 27, 2024
Description:	Notes
Bookrunners:	DBS Bank, HSBC and Standard Chartered Bank
Coupon:	6.8%
Price:	Par
Yield:	6.8%
Call options:	Make-whole call prior to Feb. 27, 2022, then at a premium
Change-of-control put:	At 101%
Equity clawback:	For up to 35% at 106.8 before Feb. 27, 2022
Trade date:	Aug. 21
Settlement date:	Aug. 27
Ratings:	Moody’s: Ba3
	S&P: BB-
Distribution:	Regulation S

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