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Yanlord Land to sell US dollar bonds with 4.5 years tenure and NC of 2.5 years

YANLORD Land on Wednesday said it is proposing to issue US dollar-denominated senior notes with 4.5 years tenure and a non-call of 2.5 years at an initial price guidance in the 7.1 per cent area, according to a term sheet seen by The Business Times.

A non-call means the issuer has the right but not the obligation to call or redeem the bonds after 2.5 years. The issuer is Yanlord Land (HK) Co, the property developer’s subsidiary.

According to the term sheet, the fixed rate senior notes are expected to be rated "BB-" by Standard & Poor’s Ratings Services (S&P) and "Ba3" by Moody’s Investors Services. The proceeds from the issue will be used for project development and acquisition, as well as general corporate purposes.

In a separate regulatory filing on Wednesday, Yanlord Land said the notes will be guaranteed by the group, with the group being rated "BB" with a stable outlook by S&P and "Ba2" with a stable outlook by Moody’s.

sentifi.com

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