China’s JY Grandmark offers to swap notes due 2022 for 364-day notes

Chicago, Jan. 10 – JY Grandmark Holdings Ltd. started an exchange offer for any and all of its $155 million outstanding 7˝% senior notes due 2022 (ISIN: XS2291801269), according to an announcement.

The exchange notes will have a minimum 7˝% yield and a 364-day tenor.

Exchanging noteholders will receive new notes on a one-to-one basis and interest on the existing notes to the settlement date.

Interest will be funded with the company’s internal funds.

The Regulation S offer is open to non-U.S. persons outside of the United States.

JY Grandmark will also be selling additional new notes that will be fungible with the exchange notes.

The exchange offer expires at 11 a.m. ET on Jan. 20.

Pricing for the new notes and the announcement of the terms will be on Jan. 21.

Settlement is planned for Jan. 27 with listing of the new notes on Jan. 28.

The company is seeking to extend its debt maturity profile to improve its debt structure through the exchange.

Haitong International is the dealer manager.

D.F. King is the information and exchange agent (+44 20 7920 9700, +852 3953 7208, JYGrandmark@dfkingltd.com, https://sites.dfkingltd.com/JYGrandmark).

JY Grandmark is a property developer based in Guangzhou, China.

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