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Published on 8/3/2021 in the Prospect News Emerging Markets Daily and Prospect News Liability Management Daily.

China’s Yango Cayman receives, accepts tenders of 74.59% of 12½% notes

By Wendy Van Sickle

Columbus, Ohio, Aug. 3 – Yango (Cayman) Investment Ltd. received tenders for $212.57 million, or 74.59%, of its $285 million of outstanding 12½% senior notes due 2021 (ISIN: XS2053813338) by the expiry of its tender offer for the notes, according to an announcement.

The tender offer was announced on July 26 and expired at 11 a.m. ET on Aug. 2. Settlement is planned for Aug. 4.

The company was offering par plus accrued interest up to but excluding the settlement date, as previously reported.

Yango was planning to sell an offering of new bonds and said it would buy notes up to the principal amount of that transaction. The company said Tuesday that it would accept all of the tenders, after which $72.43 million of the existing notes will remain outstanding.

UBS AG Hong Kong Branch (+852 2971 8848 or ol-projectjupiter@ubs.com) and Guotai Junan International (+852 2509 5342 or dcm.mercury@gtjas.com.hk) are dealer managers. D.F. King Ltd. is information and tender agent (+44 20 7920 9700, +852 3953 7208, yango@dfkingltd.com or https://sites.dfkingltd.com/yango).

Yango (Cayman) Investment Ltd. is a subsidiary of Fujian Yango Group Co. Ltd., a real estate development business located in Fujian, China.


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