By Taylor Fox
New York, Jan. 13 – Yango (Cayman) Investment Ltd. issued $75 million of additional 11 7/8% senior notes due 2023 at 99.978, according to a notice. The notes are guaranteed by parent company Fujian Yango Group Co., Ltd.
The notes were consolidated and form one series with the $175 million of 11 7/8% notes issued due 2023 on Nov. 10. The total size for this issue is now $250 million.
UBS AG Hong Kong Branch, Bocom International Securities Ltd., CRIC Securities Co. Ltd., Central Wealth Securities Investment Ltd. and Guotai Junan Securities (Hong Kong) Ltd. are the joint bookrunners and joint lead managers for the Regulation S add-on.
UBS and Bocom International are also joint global coordinators.
Proceeds will be used to refinance existing debt and for general corporate purposes.
The real estate development company based in Fuzhou, China.
| Issuer: | Yango (Cayman) Investment Ltd.
|
| Guarantor: | Fujian Yango Group Co., Ltd.
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| Issue: | Senior notes, add-on
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| Amount: | $75 million
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| Maturity: | May 10, 2023
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| Bookrunners: | UBS AG Hong Kong Branch, Bocom International Securities Ltd., CRIC Securities Co. Ltd., Central Wealth Securities Investment Ltd. and Guotai Junan Securities (Hong Kong) Ltd.
|
| Coupon: | 11 7/8%
|
| Price: | 99.978
|
| Call option: | In whole at any time at make-whole price
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| Equity clawback: | Up to 35% at 111.875
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| Put option: | At 101 upon change of control
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| Pricing date: | Dec. 1
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| Issue date: | Dec. 8
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| Rating: | S&P: B
|
| Lianhe Ratings Global Ltd: BB-
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| Distribution: | Regulation S
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| Total issuance: | $250 million, including $175 million issued on Nov. 10
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