BEIJING, April 29, 2019 /PRNewswire/ -- Xinyuan Real
Estate Co., Ltd. ("Xinyuan" or the "Company") (NYSE: XIN), an
NYSE-listed real estate developer and property manager operating
primarily in China and also in
other countries, today announced the completion of its offering of
US$300 million in aggregate principal
amount of 14.2% senior notes due 2021 (the "Notes").
Of the aggregate principal amount of US$300 million, US$200
million was issued on April 15,
2019, and US$100 million was
offered and priced on April 24, 2019
at the issue price of 103.932% plus accrue interest, representing
an offer yield of 12.3%, and was consolidated and formed a single
series with the US$200 million issued
on April 15.
The Notes are guaranteed by certain of Xinyuan's subsidiaries
and secured by a pledge of the capital stock of certain of
Xinyuan's subsidiaries. Xinyuan intends to use the proceeds from
the Notes offering to refinance certain offshore existing
indebtedness and for general corporate purposes.
The Notes were offered outside the
United States pursuant to Regulation S under the Securities
Act of 1933, as amended (the "Securities Act"). The Notes have not
been registered under the Securities Act and may not be offered or
sold in the United States absent
registration or applicable exemption from the registration
requirements. This press release does not constitute an offer to
sell the Notes, nor a solicitation for an offer to purchase the
Notes in the U.S. or any other jurisdiction.
Repurchase of August 2019
Notes
On April 3, 2019, the Company made
an offer to purchase for cash of our 8.125% senior notes due 2019
(ISIN: XS1431796215) (the "Offer to Purchase"). The Offer to
Purchase was completed on April 15,
2019. The August 2019 Notes
repurchased pursuant to the Offer to Purchase have been cancelled.
After the completion of the Offer to Purchase, US$156,611,000 in aggregate principal amount of
the August 2019 Notes remains
outstanding subject to the terms of the indenture governing the
August 2019 Notes.
Repurchase of 2020 Notes
Up to April 15, 2019, the Company
made repurchases of its 9.875% Senior Notes in an aggregate
principal amount of US$200,000,000
due 2020 (ISIN: XS1789514756) (the "2020 Notes") through a
privately negotiated transaction. The total principal amount of the
2020 Notes repurchased was US$75,700,000, representing approximately 37.85%
of the original issue size of the 2020 Notes. On April 15, 2019, cancellation of the repurchased
2020 Notes was completed by the Company. The initial outstanding
amount of the 2020 Notes before the repurchase was US$199,800,000. After cancellation of the above
repurchased 2020 Notes, the principal amount of 2020 Notes that
will remain outstanding will be US$124,100,000.
About Xinyuan Real Estate Co., Ltd.
Xinyuan Real Estate Co., Ltd. ("Xinyuan") is an NYSE-listed real
estate developer and property manager primarily in China and recently in other countries. In
China, Xinyuan develops and
manages large scale, high quality real estate projects in over ten
tier one and tier two cities, including Beijing, Shanghai, Zhengzhou, Jinan, Xi'an,
and Suzhou. Xinyuan was one of the first Chinese real estate
developers to enter the U.S. market and over the past few years has
been active in real estate development in New York. Xinyuan aims to provide comfortable
and convenient real estate related products and services to
middle-class consumers. For more information, please visit
http://www.xyre.com.
Forward Looking Statements
Certain statements in this press release constitute
"forward-looking statements". These statements are made under the
"safe harbor" provisions of the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements includes
statements about estimated financial performance and sales
performance and activity, among others, and can generally be
identified by terminology such as "will", "expects", "anticipates",
"future", "intends", "plans", "believes", "estimates" and similar
statements. Statements that are not historical statements are
forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties that could cause actual results to
differ materially from those projected or anticipated, including,
but not limited to, our ability to continue to implement our
business model successfully; our ability to secure adequate
financing for our project development; our ability to successfully
sell or complete our property projects under construction and
planning; our ability to enter successfully into new geographic
markets and new business lines and expand our operations; the
marketing and sales ability of our third-party sales agents; the
performance of our third-party contractors; the impact of laws,
regulations and policies relating to real estate developers and the
real estate industry in the countries in which we operate; our
ability to obtain permits and licenses to carry on our business in
compliance with applicable laws and regulations; competition from
other real estate developers; the growth of the real estate
industry in the markets in which we operate; fluctuations in
general economic and business conditions in the markets in which we
operate; and other risks outlined in our public filings with the
Securities and Exchange Commission, including our annual report on
Form 20-F for the year ended December 31,
2017. Except as required by law, we undertake no obligation
to update or review publicly any forward-looking statements,
whether as a result of new information, future events or otherwise,
after the date on which the statement is made.
Notes to Unaudited Financial Information
This release contains unaudited financial information which is
subject to year-end audit adjustments. Adjustments to the financial
statements may be identified when the audit work is completed,
which could result in significant differences between our audited
financial statements and this unaudited financial information.
For more information, please contact:
In China:
Xinyuan Real Estate Co., Ltd.
Mr. Charles Wang
Investor Relations Director
Tel: +86 (10) 8588-9376
Email: irteam@xyre.com
ICR, LLC
Mr. William Zima
In U.S.: +1-646-308-1472
Email: William.zima@icrinc.com
Media:
Mr. Edmond Lococo
In China: +86 (10) 6583-7510
Email: Edmond.Lococo@icrinc.com
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SOURCE Xinyuan Real Estate Co., Ltd.