China’s Guorui Properties plans to sell dollar-denominated notes

By Rebecca Melvin

New York, Feb. 21 – Guorui Properties Ltd. plans to price U.S. dollar-denominated senior notes (expected rating: //B), according to a company announcement on Thursday.

Haitong International is the global coordinator, lead manager and bookrunner of the Regulation S deal.

Proceeds will be used to refinance a $250 million 10.2% senior note maturing March 1, 2019 and a $300 million 7% note due 2020 that has a put option that may be exercised on March 20, 2019.

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

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