New Issue: China’s Zhenro Properties sells $300 million 8.7% notes due 2022

By Wendy Van Sickle

Columbus, Ohio, Sept. 23 – Zhenro Properties Group Ltd. priced $300 million of 8.7% senior notes (B2/B+) due Aug. 3, 2022 on Monday at 99.163, according to a company notice.

Standard Chartered Bank, BOC International, CCB International, China CITIC Bank International, CLSA, Credit Suisse, Deutsche Bank, 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:	$300 million
Maturity:	Aug. 3, 2022
Bookrunners:	Standard Chartered Bank, BOC International, CCB International, China CITIC Bank International, CLSA, Credit Suisse, Deutsche Bank, Haitong International and HSBC
Coupon:	8.7%
Price:	99.163
Call:	Make-whole call
Equity clawback:	Up to 35% at 108.7 any time prior to Aug. 3, 2022
Pricing date:	Sept. 23
Ratings:	Moody’s: B2
	Fitch: B+
Distribution:	Regulation S

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