By Sarah Lizee
Olympia, Wash., Sept. 8 – Fujian Yango Group Co. Ltd. subsidiary Yango (Cayman) Investment Ltd. priced $200 million of 11¾% notes due 2022 (B-), according to a notice.
The Regulation S notes are guaranteed by Fujian Yango.
The lead managers and bookrunners are Guotai Junan Securities (Hong Kong Ltd.), UBS AG Hong Kong Branch, Central Wealth Securities Investment Ltd., Admiralty Harbour Capital Ltd., Haitong International Securities Co. Ltd., Bocom International Securities Ltd. and CCB International Capital Ltd.
Listing is expected for Wednesday.
The company intends to use the proceeds primarily to refinance its offshore maturities of about $300 million due in September, according to a news release from S&P.
Fujian Yango invests in education, real estate development, hotel operation, international trade and other fields. It is based in Fuzhou, China.
| Issuer: | Yango (Cayman) Investment Ltd.
|
| Guarantor: | Fujian Yango Group Co. Ltd.
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| Issue: | Notes
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| Amount: | $200 million
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| Maturity: | 2022
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| Bookrunners: | Guotai Junan Securities (Hong Kong Ltd.), UBS AG Hong Kong Branch, Central Wealth Securities Investment Ltd., Admiralty Harbour Capital Ltd., Haitong International Securities Co. Ltd., Bocom International Securities Ltd. and CCB International Capital Ltd.
|
| Coupon: | 11¾%
|
| Settlement date: | Sept. 8
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| Listing date: | Sept. 9
|
| Rating: | S&P: B-
|
| Distribution: | Regulation S
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