New Issue: China’s Zhenro Properties sells $420 million 8.65% notes due 2023

Chicago, March 27 – Zhenro Properties Group Ltd. priced $420 million 8.65% senior notes (B3/B-) due Jan. 21, 2023 on Wednesday, according to a company notice.

Deutsche Bank, Standard Chartered Bank, BNP Paribas, CCB International, CEB International, CLSA, CMB International, Guotai Junan International, Haitong International and HSBC are the bookrunners for the Regulation S offering.

Proceeds will be used to refinance existing debt.

The company is a real estate developer and property manager based in Shanghai.

Issuer:	Zhenro Properties Group Ltd.
Issue:	Senior notes
Amount:	$420 million
Maturity:	Jan. 21, 2023
Bookrunners:	Deutsche Bank, Standard Chartered Bank, BNP Paribas, CCB International, CEB International, CLSA, CMB International, Guotai Junan International, Haitong International and HSBC
Coupon:	8.65%
Price:	99.917
Call:	Make-whole call at par before April 3, 2021, redeemable at 103 after April 3, 2021
Equity clawback:	Up to 35% at 108.65 any time prior to April 3, 2021
Pricing date:	March 27
Listing date:	April 3
Ratings:	Moody’s: B3
	S&P: B-
Distribution:	Regulation S

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