Yuzhou foresees event of default under 2023 notes, other dollar notes

By Marisa Wong

Los Angeles, Oct. 25 – Yuzhou Group Holdings Co. Ltd.’s $650 million of 6% senior notes due Oct. 25, 2023 (ISIN: XS1508493498) are due and payable at their maturity date, but the company said on Wednesday it does not expect to be able to make the outstanding principal and accrued interest payment on the due date.

Failure to pay that principal at maturity will constitute an event of default under the 2023 notes as well as other dollar-denominated notes, and failure to pay that interest upon expiration of the 30-day grace period after the due date will also constitute an event of default under the 2023 notes.

As disclosed in May 2022, an event of default had already occurred under the 2023 notes.

Given that the notes will mature on Oct. 25, the notes will be delisted from the Stock Exchange of Hong Kong Ltd. on that date.

After withdrawal of listing, noteholders needing more information should contact the company at ir@yuzhou-group.com or the company’s financial advisers Alvarez & Marsal Corporate Finance Ltd. (ProjectYuzhou@alvarezandmarsal.com), BOCI Asia Ltd. (project.yzlm@bocigroup.com) or Haitong International Securities Co. Ltd. (project.yuzhou.lm@htisec.com).

The company’s other dollar-denominated notes listed on the Hong Kong exchange include the following:

• $500 million 8˝% senior notes due 2024 (ISIN: XS1954963580);

• $500 million 8 3/8% senior notes due 2024 (ISIN: XS2073593274);

• $400 million 7.7% senior notes due 2025 (ISIN: XS2121187962);

• $500 million 8.3% senior notes due 2025 (ISIN: XS2085045503);

• $645 million 7 3/8% senior notes due 2026 (ISIN: XS2100653778);

• $300 million 7.85% green senior notes due 2026 (ISIN: XS2215399317);

• $562 million 6.35% green senior notes due 2027 (ISIN: XS2277549155); and

• $300 million 5 3/8% senior perpetual securities (ISIN: XS1692346395).

The property developer is based in Shanghai and Shenzhen, China.

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