China Glass' tender for 9 5/8% notes fails, considering options

New York, July 6 - China Glass Holdings Ltd. said its tender offer for its $100 million of 9 5/8% senior notes due 2012 failed to achieve the necessary level of bondholder support.

The company is now "evaluating its options in relation to the consent solicitation and tender offer."

In particular, China Glass noted that it reserves the right to waive the condition that required bondholder support.

Under the terms of the tender offer, the company needed support for a resolution at a bondholder meeting on July 6 from holders of a majority of the notes and three-quarters of the votes cast at the meeting.

China Glass announced the tender on June 4, saying it was offering 48 cents on the dollar for the notes.

Those who tendered before the early consent deadline of 5 a.m. ET on June 19 were to receive an additional 2 cents for each dollar; however only $50 million of the total amount will be available for early tender.

Standard Chartered was manager.

China Glass is a Hong Kong-based glass manufacturer.

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