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Landsea Green accepts $132.22 million 10¾% notes for exchange
By Marisa Wong
Los Angeles, Oct. 19 – Landsea Green Properties Co., Ltd. announced the results of its Sept. 30 offer to exchange its $169.4 million outstanding 10¾% senior notes due October 2022 (ISIN: XS2095992017) for a combination of cash and new notes.
As of the expiration of the offer at 11 a.m. ET on Oct. 18, holders had tendered $132,216,000, or 78.05%, of the outstanding notes for exchange.
The company has decided to accept all of the tendered notes for exchange, according to a company announcement on Wednesday.
The company expects to issue $118,995,000 of new notes under the exchange offer, subject to the fulfilment or waiver of the offer’s conditions.
The company had offered $100 as an upfront payment, $5 as an incentive cash consideration and $900 of new notes for each $1,000 note exchanged.
The new notes will have the same coupon and an Oct. 20, 2024 maturity date.
Settlement is slated for Oct. 20. The new notes will be listed on Oct. 25.
The offer has a minimum acceptance condition of $152.46 million of the notes in the series being exchanged, as previously noted.
Guotai Junan Securities (Hong Kong) Ltd. is the dealer (+852 2509 5342, dcm.bamboo@gtjas.com.hk).
D.F. King is the information and exchange agent for the offer (+44 20 7920 9700, +852 3953 7231, landsea@dfking.com, https://sites.dfkingltd.com/landsea).
The company also announced on Wednesday that it repurchased some of the 10¾% notes prior to the start of the exchange offer. The aggregate amount of those repurchased notes is $30.6 million, or 15.3% of the amount originally issued. The company said it expects to cancel those repurchased notes on Wednesday.
Landsea is a Nanjing, China-based investment holding company focused on property development, securities trading and financial services.
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