By Wendy Van Sickle
Columbus, Ohio, Feb. 25 – Guorui Properties Ltd. priced $160 million of 13½% senior notes due 2022 at 97, according to an announcement.
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.
| Issuer: | Guorui Properties Ltd.
|
| Issue: | Senior notes
|
| Amount: | $160 million
|
| Maturity: | Feb, 28, 2022
|
| Coupon: | 13½%
|
| Price: | 97
|
| Call: | Make-whole call at any time
|
| Equity claw: | For up to 35% at 113.5 at any time
|
| Bookrunner: | Haitong International
|
| Ratings: | Fitch: B (expected)
|
| Pricing date: | Feb. 25
|
| Settlement: | Feb. 28
|
| Distribution: | Regulation S
|
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