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JY Grandmark to issue $159.28 million 9˝% notes due 2025 via exchange offer
By Mary Katherine Stinson
Lexington, Ky., Jan. 10 – JY Grandmark Holdings Ltd. wrapped the exchange offer for its outstanding 9˝% senior notes due 2024 (ISIN: XS2560991015), according to a notice.
At the expiration of the offer at 11 a.m. ET on Jan. 9, the company reported that all $152.1 million outstanding existing notes were tendered and accepted for exchange.
The company offered to exchange the notes at par. Accrued interest will also be paid in kind, in new notes.
The company will issue new notes totaling $159,284,612 with settlement planned on or about Jan. 11 and listing of the new notes on Jan. 12.
The new notes are not rated.
Both relatives of Mr. Chan Sze Ming Michael, an executive director and the chairman of the company, and Jinghui Capital Investment Management Ltd., which is wholly owned by a subsidiary’s substantial shareholder, participated in the exchange offer and are expected to be issued approximately 79.6% and 20.4% of the total principal of the new notes, respectively.
The company did not receive any cash proceeds from the offer. Any notes exchanged will be canceled.
The company was seeking to extend its debt maturity profile and refinance the existing notes.
The Regulation S exchange offer was open to non-U.S. persons outside of the United States.
The exchange offer was conditioned on the satisfaction or waiver of certain conditions.
The existing notes were the product of an exchange offer conducted in 2022 for 7˝% notes.
Haitong International was the dealer manager.
D.F. King was the information and exchange agent (+44 20 7920 9700, +852 3953 7208, JYGrandmark@dfkingltd.com, https://sites.dfkingltd.com/JYGrandmark).
JY Grandmark is a property developer based in Guangzhou, China.
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