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Yuzhou Properties targets US$370M from planned senior notes issuance

Yuzhou Properties Co. Ltd. is expecting to net approximately US$369.9 million from its issuance of 6.375% senior notes due March 6, 2021, at an aggregate principal amount of US$375 million.

The company intends to use the expected proceeds to refinance its existing debt and for general working capital expenditures; however, the company may reallocate the proceeds to other purposes depending on market conditions.

Yuzhou Properties said the notes will be offered at a price equivalent to 100% of its principal amount. In a filing, the developer also stated that it will seek approval for the listing of the notes on the Hong Kong stock exchange.

BOCI Asia Ltd., Haitong International Securities Co. Ltd., Credit Suisse (Hong Kong) Ltd., Huatai Financial Holdings (Hong Kong) Ltd. and Yuzhou Financial Holdings Ltd. are the joint global coordinators, joint book runners and joint lead managers of the planned offering.