By Jeff Pines
Silver Spring, Md., Sept. 23 – Jiayuan International Group Ltd. sold an added $100 million of its 11% senior notes due Feb. 17, 2024. The company originally sold $130 million of the notes in February.
The add-on priced at 95.98, according to a notice.
Subsidiaries Jiayuan Investment Management Ltd., Guo Xiang Property Co., Ltd. and Hong Kong Jia Yuan Holdings Ltd. will guarantee the notes.
The company’s chairman Shum Tin Ching, who is also a non-executive director, and associates agreed to buy $31 million of the notes at the public price. Through his wholly owned company Mingyuan Investment, Shum, owns 3,596,308,418 Shares, representing about a 73.2% stake in Jiayuan. The company noted Shum abstained from voting on the board resolutions to approve the sale.
Proceeds will be used to refinancing existing debt.
Jiayuan is a China-based home builder mainly in Jiangsu and Anhui provinces.
| Issuer: | Jiayuan International Group Ltd.
|
| Guarantors: | Jiayuan Investment Management Ltd., Guo Xiang Property Co., Ltd. and Hong Kong Jia Yuan Holdings Ltd.
|
| Issue: | Corporate bonds, 2021
|
| Amount: | $100 million
|
| Maturity: | Feb. 17, 2024
|
| Coupon: | 11%
|
| Price: | 95.98
|
| Pricing date: | Sept. 23
|
| Settlement date: | Sept. 29
|
| Ratings: | Fitch: B+
|
| Original issue: | $130 million sold in February
|
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