By Wendy Van Sickle
Columbus, Ohio, Dec. 12 – China’s Zensun Enterprises Ltd. sold a $120 million add-on to its 12.8% senior notes due Oct. 3, 2021 at 99.641 on Thursday, according to an announcement.
The notes will be consolidated and form a single series with the $220 million of the notes issued on Oct. 3.
The notes are guaranteed by parent Zensun Group Ltd.
There is a make-whole call during the life of the notes.
Guotai Junan International, Haitong International, CCB International, China Citic Bank International, SPDB International, Zhongrong PT Securities Ltd. and Fulbright Securities are the bookrunners for the Regulation S add-on.
Proceeds will be used to refinance debt, for project development and for general corporate purposes.
Zensun is the largest residential property developer in Zhengzhou, China.
| Issuer: | Zensun Enterprises Ltd.
|
| Guarantor: | Zensun Group Ltd.
|
| Description: | Senior notes
|
| Amount: | $120 million add-on
|
| Maturity: | Oct. 3, 2021
|
| Bookrunners: | Guotai Junan International and Haitong International (global coordinators), CCB International, China Citic Bank International, SPDB International, Zhongrong PT Securities Ltd. and Fulbright Securities
|
| Coupon: | 12.8%
|
| Price: | 99.641
|
| Call: | Make-whole at any time
|
| Equity clawback: | Up to 35% at 112.8
|
| Pricing date: | Dec. 12
|
| Distribution: | Regulation S
|
| Original issue: | $220 million issued on Oct. 3
|
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