Greenland Hong Kong to redeem all $200 million 13½% notes Nov. 10

By Marisa Wong

Madison, Wis., Oct. 11 - Greenland Hong Kong Holdings Ltd. plans to redeem in full its $200 million 13½% notes due 2016 on Nov. 10, according to a company announcement.

The notes will be redeemed at par plus an applicable premium and accrued interest to the redemption date.

The applicable premium will be the greater of 1% and the excess of (a) the present value at the redemption date of 106.75% of par plus all remaining scheduled interest payments due through April 8, 2014, excluding accrued interest to the redemption date, discounted at the adjusted treasury rate plus 100 basis points, over (b) par. The adjusted treasury rate will be determined using the U.S. Treasury notes due April 8, 2014.

Accrued interest will be $12.75 for each $1,000 of notes.

The issuer is a subsidiary of Greenland Holding Group Co. Ltd., which is a real estate developer based in Shanghai.

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