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Aoyuan Successfully Issues US$460 million 6.35% Senior Notes Due 2024 Further Optimizes Maturity Profile and Lowers Borrowing Cost

    (June 24, 2020 – Hong Kong) China Aoyuan Group Limited (“Aoyuan” or the “Company”, Stock Code: 3883) is pleased to announce that the Company has successfully issued US$460 million 6.35% senior notes due 2024.

    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$453 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) BofA Securities, Bank of East Asia, China CITIC Bank International, CICC, Credit Suisse, Deutsche Bank, Goldman Sachs (Asia), Haitong International, HSBC and UBS.

    Aoyuan management commented, “The new notes issuance has received an overwhelming response from the capital markets with a peak order book exceeding US$2.8 billion, demonstrating once again the confidence and recognition of investors for Aoyuan’s comprehensive strength and prospect. Fully utilising the US$460 million offshore debt quota obtained from the National Development and Reform Commission (‘NDRC’), the issuance helps to further extend Aoyuan’s maturity profile and lower its borrowing cost. In addition, Aoyuan's existing corporate credit rating and ‘positive’ rating outlook were reaffirmed by S&P and Moody’s in April and May respectively this year. Aoyuan is currently on a ‘positive’ rating outlook from all 3 major international rating agencies, namely Fitch, S&P and Moody’s. Looking forward, Aoyuan will continue to exercise sound financial management to drive quality and sustainable development, bringing fruitful returns to shareholders and investors.”