China’s Carnival gets consents to extend 8% bonds to 2021, up coupon

By Marisa Wong

Morgantown, W.Va., Feb. 13 – Carnival Group International Holdings Ltd. said it obtained the consents required to amend its $180 million 8% senior bonds due 2019.

Holders of $140.5 million of the bonds, representing 86.46% of the total amount of bonds outstanding and 100% of the votes cast at the bondholders’ meeting held on Wednesday, voted in favor of the extraordinary resolution to amend the bonds.

For approval, the proposed amendments required votes in favor of the extraordinary resolution from at least 75% of the total votes cast.

Holders who delivered consents will receive a consent fee of $10 for each $1,000 principal amount. Payment will be made on or before March 27.

The company launched the consent solicitation on Nov. 21, seeking to push out the maturity until March 22, 2021, raise the coupon to 10% from 8% during the extended period and modify the call option to reflect the extended maturity date.

The consent solicitation expired at 9 p.m. ET on Feb. 8. The deadline was extended from Jan. 11 and, before that, from Dec. 10.

The meeting had originally been set for Jan. 15 and was pushed back to Feb. 13.

Carnival Group is a Hong Kong-based investment holding company that designs and develops tourist complexes.

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