China Jinmao accepts $200 million perpetual convertibles in tender

New York, June 9 – China Jinmao Holdings Group Ltd. said that it will buy $200 million of the $600 million perpetual subordinated convertible securities issued by wholly owned subsidiary Franshion Capital Ltd. in its tender offer to buy the securities.

Holders had tendered $316.9 million by the expiration date of 7 a.m. ET on June 7.

Following settlement, scheduled for June 14, the company will have $400 million of the convertibles outstanding, according to a notice from the issuer.

China Jinmao announced the tender on May 24. It said it was offering to purchase the securities at a price of 108 plus accrued distributions up to but excluding the settlement date.

J.P. Morgan Securities plc (Sakura16_Jinmao_Tender@jpmorgan.com) is dealer manager for the Regulation S offer, and Bank of New York Mellon, London Branch (+44 207 964 2728 or debtrestructuring@bnymellon.com) is tender agent.

The convertibles were issued on Oct. 12, 2010 with a call option exercisable at any time after Oct. 12, 2015.

China Jinmao is a Hong Kong-based investment holding company that invests in and develops real estate in mainland China.

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