Published on 4/3/2019 in the Prospect News Emerging Markets Daily.
New Issue: China’s Yango prices $250 million 9˝% notes due 2021
By Rebecca Melvin
New York, April 3 – Yango Justice International Ltd., a subsidiary of Yango Group Co. Ltd., priced $250 million of 9˝% notes due 2021 (// B-), according to a regulatory notice on Wednesday.
The Regulation S notes were priced by lead managers and bookrunners Guotai Junan Securities (Hong Kong) Ltd., CMB International Capital Ltd., CNCB (Hong Kong) Capital Ltd., Morgan Stanley & Co. International plc, Bank of China Ltd., BOCOM International Securities Ltd., Orient Securities (Hong Kong) Ltd., and Haitong International Securities Co. Ltd.
Proceeds will be used to refinance the group’s existing debt.
The real estate development company is based in Fujian, China.
| Issuer: | Yango Justice International Ltd.
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| Guarantor: | Yango Group Co. Ltd.
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| Issue: | Senior notes
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| Amount: | $250 million
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| Maturity: | 2021
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| Coupon: | 9˝%
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| Bookrunners: | Guotai Junan Securities (Hong Kong) Ltd., CMB International Capital Ltd., CNCB (Hong Kong) Capital Ltd., Morgan Stanley & Co. International plc, Bank of China Ltd., BOCOM International Securities Ltd., Orient Securities (Hong Kong) Ltd., and Haitong International Securities Co. Ltd.
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| Issue date: | April 3
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| Ratings: | Fitch: B-
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| Distribution: | Regulation S
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