JY Grandmark to swap $149.6 million 2022 notes for new 364-day notes

By Marisa Wong

Los Angeles, Jan. 21 – JY Grandmark Holdings Ltd. announced the results of its exchange offer for its $155 million outstanding 7˝% senior notes due 2022 (ISIN: XS2291801269), according to an announcement.

JY Grandmark had offered to exchange on a one-to-one basis any and all of the 7˝% notes due 2022 for new notes with a minimum 7˝% yield and a 364-day tenor.

As of the expiration of the exchange offer at 11 a.m. ET on Jan. 20, $149.6 million, or 96.52% of the total principal amount, of the existing notes had been tendered and accepted for exchange.

Exchanging noteholders will also receive interest on the existing notes to the settlement date. Interest will be funded with the company’s internal funds.

The Regulation S offer was open to non-U.S. persons outside of the United States.

JY Grandmark also sold additional new notes that will be fungible with the exchange notes. The company announced on Friday that it will issue $152.1 million of additional new notes.

Settlement is planned for Jan. 27 with listing of the new notes on Jan. 28.

The company was seeking to extend its debt maturity profile to improve its debt structure through the exchange.

Haitong International is the dealer manager.

D.F. King is 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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