China Eastern resets meeting to call remaining 4.8% bonds for April 27

By Susanna Moon

Chicago, April 13 – China Eastern Airlines Corp. Ltd. subsidiary Eastern Air Overseas (Hong Kong) Corp. Ltd. adjourned the Wednesday meeting for its RMB 3.3 billion 4.8% guaranteed bonds due March 13, 2017 due to lack of quorum.

The adjourned meeting will take place in Hong Kong on April 27, and the quorum required at the adjourned meeting will be two or more persons representing at least 33% of the outstanding bonds, according to a company notice.

The company was tendering for the bonds by modified Dutch auction from March 21 until 5 a.m. ET on April 8, with the results expected to be released April 13, according to a separate announcement.

The bid price range was RMB 9,800 to RMB 10,100 for each RMB 10,000 principal amount.

The company also is soliciting consents to redeem any remaining bonds at 99% of par plus accrued interest to the redemption date upon giving holder five business days’ notice.

DBS Bank Ltd. is the dealer manager. Deutsche Bank AG, Hong Kong Branch is the tender agent.

In March 2014, the company issued RMB 2.5 billion of the bonds then two months later issued RMB 800 million of add-ons, which were consolidated with the original issue.

The airline is based in Shanghai.

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