JY Grandmark offers to exchange old 7½% notes for new 9½% notes

Chicago, Dec. 19 – JY Grandmark Holdings Ltd. is offering to exchange all existing $152.1 million 7½% senior notes due 2023 (ISIN: XS2430934815) that were issued with a 364-day tenor for new 9½% notes with a 364-day tenor, according to an announcement about the offer that started Monday.

Exchanging noteholders will receive a like amount of the new notes for the old notes and accrued interest.

The exchange deadline is 11 a.m. ET on Jan. 13.

Settlement is planned for Jan. 20.

The company is conducting the offer to extend its debt maturity profile to improve its debt structure.

According to the Prospect News archive, the company offered $150 million of 7½% one-year notes in March 2020. The company conducted an exchange offer for all of its 7½% notes in February 2021 for new 364-day notes. The company conducted another exchange offer in January 2022 for new 7½% 364-day notes. This is the third exchange offer and the first increase in the coupon via the exchange offer.

New notes are expected to be listed on or about Jan. 26.

Haitong International Securities Co. Ltd. is the dealer manager.

D.F. King & Co., Inc. is the information and exchange agent for the offer (+44 20 7920 9700, +852 3953 7208, JYGrandmark@dfking.com, https://sites.dfkingltd.com/JYGrandmark).

JY Grandmark is a property developer based in Guangzhou, China.

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