Chicago, Sept. 25 – Zensun Enterprises Ltd. sold $220 million 12.8% senior notes due 2021, according to a purchase agreement.
The notes are guaranteed by parent Zensun Group Ltd.
The notes priced at 98.808.
There is a make-whole call during the life of the notes.
Guotai Junan International, CLSA, CCB International and CMB International are joint global coordinators, joint bookrunners and joint lead managers.
CM Financial, China CITIC Bank International and Yuanyin Securities are joint bookrunners and joint lead managers.
Proceeds will be used to refinance debt, for project development and for general corporate purposes.
Zensun is the largest residential property developer in Zhengzhou.
| Issuer: | Zensun Enterprises Ltd.
|
| Guarantor: | Zensun Group Ltd.
|
| Description: | Senior notes
|
| Amount: | $220 million
|
| Maturity: | Oct. 3, 2021
|
| Coupon: | 12.8%
|
| Price: | 98.808
|
| Joint global coordinators: | Guotai Junan International, CLSA, CCB International, CMB International
|
| Joint bookrunners: | Guotai Junan International, CLSA, CCB International, CMB International, CM Financial, China CITIC Bank International and Yuanyin Securities
|
| Call: | Make-whole at any time
|
| Equity clawback: | Up to 35% at 112.8
|
| Pricing date: | Sept. 25
|
| Rating: | Moody’s: B2
|
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