Shui On Land gets support to align four note series with recent issues

By Susanna Moon

Chicago, April 12 – China’s Shui On Land Ltd. obtained the needed consents to amend four series of its notes.

Holders had given the following amount of consents by the end of the solicitation at 11 a.m. ET on April 11, according to a company notice:

• $471,991,000, or 94.4%, of its $500 million 8.7% senior notes due 2017;

• $576,987,000, or 90.57%, of its $637,027,000 8.7% senior notes due 2018;

• $525,160,000, or 95.48%, of its $550 million 9 5/8% senior notes due 2019; and

• $196,567,000, or 97.08%, of its $202,487,000 9¾% senior notes due 2020.

As announced March 27, Shui On was soliciting consents to amend the notes to conform the terms of the notes to those more recently issued.

The new notes issued on Oct. 5, 2016 and on Feb. 6 contain covenants that allow more flexibility for the issuer, the company and the restricted subsidiaries to incur debt, make restricted payments and sell or issue capital stock of restricted subsidiaries, as well as for sale and leaseback transactions.

Settlement is expected to occur on April 19. The record date is March 24.

The consent payment will be $3.50 per $1,000 principal amount.

The solicitation agent is Standard Chartered (+852 3983 8622/ +65 6596 8807 / Liability_management@sc.com). The tabulation and information agent is D.F. King Ltd. (+852 3953 7230, +44 20 7920 9700, sol@dfkingltd.com or https://sites.dfkingltd.com/sol).

Shui On Land is a Hong Kong-based property development company.

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