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Zhongnan reopens exchange offer for notes due 2022
Chicago, June 24 – Haimen Zhongnan Investment Development (International) Co. Ltd. reopened its exchange offer for two notes due 2022, according to an announcement.
The offer applies to the $18.09 million outstanding 10 7/8% guaranteed senior notes due 2022 (ISIN: XS2008677341) and the $39,484,000 outstanding 12% guaranteed senior notes due 2022 (ISIN: XS2349744594).
Tendering noteholders will exchange $1,000 of existing notes for $50 in cash as an upfront principal payment, $10 in cash as an incentive cash consideration, $950 in new guaranteed senior notes due 2023 and interest through June 6 in cash.
The offers expire at 11 a.m. ET on July 8.
Settlement is planned for July 12 with listing of the additional notes on July 13.
The company cited the familiar constraints on Chinese real estate developers as a rationale for the offer. The company also said that it remains cautious about its liquidity in the near term. Should the exchange offers not be successfully consummated, the company is not likely to be in a position to fully repay the remaining old notes and may consider alternative debt restructuring exercises.
The guarantee is provided by Jiangsu Zhongnan Construction Group Co. Ltd. on both the old notes and the new notes.
The new notes will constitute an add-on to the exchange notes which have already been listed on the Singapore Exchange Securities Trading Ltd.
Haitong Interest Securities Co. Ltd. and Guotai Junan Securities (Hong Kong) Ltd. are the dealer managers.
D.F. King & Co., Inc is the information and tender agent for the offer (+44 20 7920 9700, +852 3953 7208 zhongnan@dfking.com, https://sites.dfkingltd.com/zhongnan).
Zhongnan Construction is a real estate development and engineering services company based in Shanghai.
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