New Issue: China’s Xinhu Zhongbao prices $110 million 11% notes due 2022 at par

By Rebecca Melvin

New York, June 12 – Xinhu (BVI) 2018 Holding Co. Ltd. has priced $110 million three-year senior notes guaranteed by Zinhu Zhongbao Co. Ltd., according to a Hong Kong Stock Exchange listing notice.

The notes (expected ratings: B3/B-) priced at par to yield 11%.

UBS, China Citic Bank International, CNCB HK Capital, Guotao Junan International, Silk Road International, Admiralty Harbour, Standard Chartered Bank and Citigroup were joint bookrunners and lead managers of the Regulation S deal.

China’s Xinhu is involved in property sales in the Yangtze River Delta.

Issuer:	Xinhu (BVI) 2018 Holding Co. Ltd.
Guarantor:	Zinhu Zhongbao Co. Ltd.
Issue:	Guaranteed senior notes
Amount:	$110 million
Maturity:	2022
Bookrunners:	UBS, China Citic Bank International, CNCB HK Capital, Guotao Junan International, Silk Road International, Admiralty Harbour, Standard Chartered Bank and Citigroup
Coupon:	11%
Price:	Par
Yield:	11%
Announcement date:	June 12
Ratings:	Moody’s: B3
	S&P: B-
Distribution:	Regulation S

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