New Issue: China’s Guorui Properties prices $250 million 10.2% one-year notes

By Marisa Wong

Morgantown, W.Va., Feb. 28 – Guorui Properties Ltd. said it priced $250 million of 10.2% one-year senior notes (B-/B) at par on Tuesday.

Credit Suisse, Morgan Stanley, Haitong International, Standard Chartered Bank, Guotai Junan International, BofA Merrill Lynch, BOC International, China Merchants Securities (HK), China Securities International, VTB Capital, ABC International and Mizuho Securities are joint lead managers and joint bookrunners for the Regulation S offering.

Credit Suisse, Morgan Stanley, Haitong International, Standard Chartered Bank and Guotai Junan International are also joint global coordinators.

Proceeds will be used to refinance debt and for working capital.

Beijing-based Guorui Properties is a residential developer and is incorporated in the Cayman Islands under the name Glory Land Co. Ltd.

Issuer:	Guorui Properties Ltd.
Issue:	Senior notes
Amount:	$250 million
Maturity:	March 1, 2019
Bookrunners:	Credit Suisse, Morgan Stanley, Haitong International, Standard Chartered Bank, Guotai Junan International, BofA Merrill Lynch, BOC International, China Merchants Securities (HK), China Securities International, VTB Capital, ABC International and Mizuho Securities
Coupon:	10.2%
Price:	Par
Yield:	10.2%
Call option:	In whole at par plus an applicable premium at any time prior to March 1, 2019
Equity clawback:	Up to 35% at 110.2
Pricing date:	Feb. 27
Settlement date:	March 2
Ratings:	S&P: B-
	Fitch: B
Distribution:	Regulation S

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