By Cady Vishniac
Detroit, Nov. 10 – Yango (Cayman) Investment Ltd. issued $175 million of 11 7/8% senior notes due 2023 (B-) guaranteed by its parent, Fujian Yango Group Co. Ltd., according to a notice.
UBS AG Hong Kong Branch, Guotai Junan Securities Ltd. and Haitong International Securities Co. Ltd. are the lead managers and bookrunners.
The principal paying agent is China Construction Bank (Asia) Corp. Ltd.
Proceeds will be used to pay upcoming bank debt maturities and support the expansion of its education services business, according to S&P Global Ratings.
Yango Group is a real estate development company based in Fujian, China.
| Issuer: | Yango (Cayman) Investment Ltd.
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| Issue: | Guaranteed senior notes
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| Amount: | $175 million
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| Maturity: | 2023
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| Coupon: | 11 7/8%
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| Bookrunners: | UBS AG Hong Kong Branch, Guotai Junan Securities Ltd. and Haitong International Securities Co. Ltd.
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| Issue date: | Nov. 10
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| Listing date: | Nov. 11
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| Ratings: | S&P: B-
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| Distribution: | Regulation S
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