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Aoyuan Successfully Issues 4.75-year US$230 Million 5.98% Senior Notes Overwhelming Response from International Capital Markets with 9 Times Oversubscription and Peak Orderbook Over US$2.1 Billion

    (11 November 2020 – Hong Kong) China Aoyuan Group Limited (“Aoyuan” or the “Company”, Stock Code: 3883) announces that the Company has successfully issued US$230 million 5.98% senior notes due August 2025. 


    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$226 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) Admiralty Harbour, Bank of East Asia, BofA Securities, China CITIC Bank International, CICC, Credit Suisse, Deutsche Bank, Guotai Junan International, Haitong International, Morgan Stanley, OCBC Bank and UBS.


    Aoyuan management commented, “The new notes issuance has received an overwhelming response from domestic and international institutional investors with 9 times oversubscription. The orderbook consisted of approximately 25% European orders and approximately 75% Asian orders, demonstrating once again the confidence and recognition of the international capital markets for Aoyuan’s comprehensive strength. Aoyuan plans both onshore and offshore financing arrangements in advance. For year-to-date 2020, Aoyuan has completed financing and refinancing through diversified channels to ensure fund safety. Following the reaffirmation of Aoyuan’s corporate rating and ‘positive’ rating outlook by S&P and Moody’s in April and May respectively this year, Aoyuan’s corporate rating was upgraded to ‘BB’ by Fitch and reaffirmed at ‘BB+’ by Lianhe Global in October. Aoyuan has received upgrades of corporate rating and rating outlook from all 3 major international rating agencies for 5 consecutive years. Looking forward, Aoyuan will drive quality and sustainable development while maintaining financial prudence, thus bringing fruitful returns to shareholders and investors.”