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Aoyuan Further Issues US$250 million Senior Notes Due 2023 Lowest Yield to Maturity of 6.5% among Comparable Peers

(July 30, 2019 – Hong Kong) China Aoyuan Group Limited (“Aoyuan” or the “Company”, Stock Code: 3883) is pleased to announce that the Company has successfully further issued US$250 million 7.95% senior notes due 2023, yield to maturity of the further issuance was 6.5%. Total issue size of the series, including the original notes issued in February 2019, was US$475 million.


The estimated net proceeds of the new notes (after deducting the underwriting commission and other estimated expense payable in connection with this offering) will amount to approximately US$266 million. The Company intends to use the proceeds to refinance its existing offshore indebtedness. The joint lead managers and the joint bookrunners of the new notes are (in alphabetical order) AMTD, Bank of America Merrill Lynch, CICC, DBS Bank, Deutsche Bank, Haitong International, HeungKong Financial, HSBC, J.P. Morgan, Nomura and UBS.


Aoyuan management commented, “The further issuance of the USD senior notes was well received by the international capital markets with yield to maturity of 6.5%, which is lowest among issuances by comparable peers recently. For 2019 year-to-date, Aoyuan has successfully raised over US$1.6 billion through diversified offshore channels including issuance of senior notes in public and private placement, as well as syndicated loans, thereby further extending its debt maturity profile. Aoyuan’s contracted sales maintained robust growth in the first half of 2019, increasing by 33% y-o-y to RMB 53.63 billion and thus completing approximately 47% of its full-year target. Aoyuan recently issued positive profit alert that it expects its core net profit in the first half of 2019 to increase by over 50% y-o-y. Looking forward, Aoyuan will adhere to its prudent financial management while achieving robust and high-quality business growth, thus delivering fruitful returns to shareholders and investors.”