New Issue: China’s Yuexiu Property prices $750 million notes due 2026, 2031

By Marisa Wong

Los Angeles, Jan. 13 – Yuexiu Property Co. Ltd. said its indirectly wholly owned subsidiary, Westwood Group Holdings Ltd., priced $750 million of notes on Tuesday.

The notes (Baa3//BBB-) will be guaranteed by Yuexiu Property and will be issued under the company’s recently launched $3 billion guaranteed medium-term note program.

The issue consists of $600 million of 2.8% notes due 2026 and $150 million of 3.8% notes due 2031. The series 3 notes due 2026 will be issued at 99.884, and the series 4 notes due 2031 will be issued at 99.819.

DBS Bank Ltd., CLSA Ltd., Bank of China (Hong Kong) Ltd., Guotai Junan Securities (Hong Kong) Ltd., CMBC Securities Co. Ltd., Bank of Communications Co., Ltd. Hong Kong Branch, Yue Xiu Securities Co. Ltd., Chong Hing Bank Ltd., BOCI Asia Ltd., Haitong International Securities Co. Ltd., CCB International Capital Ltd., China International Capital Corp. Hong Kong Securities Ltd., China Citic Bank International Ltd., Oversea-Chinese Banking Corp. Ltd., China Everbright Bank Co., Ltd., Hong Kong Branch, CMB Wing Lung Bank Ltd., Bank of East Asia, Ltd. and CEB International Capital Corp. Ltd. are the managers for the Regulation S offering.

Proceeds will be used to repay existing medium- to long-term offshore debt that become due within one year.

The notes are expected to be issued on or after Jan. 20 but no later than Feb. 3.

Yuexiu is a property developer based in Hong Kong.

Issuer:	Westwood Group Holdings Ltd.
Guarantor:	Yuexiu Property Co. Ltd.
Issue:	Medium-term notes
Amount:	$750 million
Managers:	DBS Bank Ltd., CLSA Ltd., Bank of China (Hong Kong) Ltd., Guotai Junan Securities (Hong Kong) Ltd., CMBC Securities Co. Ltd., Bank of Communications Co., Ltd. Hong Kong Branch, Yue Xiu Securities Co. Ltd., Chong Hing Bank Ltd., BOCI Asia Ltd., Haitong International Securities Co. Ltd., CCB International Capital Ltd., China International Capital Corp. Hong Kong Securities Ltd., China Citic Bank International Ltd., Oversea-Chinese Banking Corp. Ltd., China Everbright Bank Co., Ltd., Hong Kong Branch, CMB Wing Lung Bank Ltd., Bank of East Asia, Ltd. and CEB International Capital Corp. Ltd.
Put option:	Upon change of control
Pricing date:	Jan. 12
Settlement date:	On or after Jan. 20 but no later than Feb. 3
Distribution:	Regulation S
Ratings:	Moody’s: Baa3
	Fitch: BBB-
Series 3 notes
Amount:	$600 million
Maturity:	2026
Coupon:	2.8%
Price:	99.884
Series 4 notes
Amount:	$150 million
Maturity:	2031
Coupon:	3.8%
Price:	99.819

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