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Golden Wheel accepts tenders for $138 million of 8¼% senior notes
By Marisa Wong
Morgantown, W.Va., March 11 – Hong Kong’s Golden Wheel Tiandi Holdings Co. Ltd. announced that holders had tendered $140.65 million of its outstanding 8¼% senior notes due Nov. 3, 2019 under the capped tender offer that expired at 11 a.m. ET on March 8.
The company said it has decided to accept for purchase $138 million of the tendered notes using a proration scaling factor of 96.067%.
Golden Wheel Tiandi launched the tender offer on Feb. 25 and set the offer cap at $138 million the following day. The tender cap was dependent on net proceeds the company expected to receive from a new notes issuance.
The company priced a $160 million add-on to its 7% notes due 2021 on Feb. 26, proceeds of which will be used to repurchase the existing notes, as previously reported.
The tender offer is part of a refinancing transaction. At the start of the offer, $288 million of the original $300 million principal amount of 8¼% notes due 2019 was outstanding.
The purchase price per $1,000 principal amount is $1,002.50 plus accrued interest to but excluding the payment date.
Settlement is expected on March 12.
The tender offer was conditioned on, among other things, completion of the new notes issue on or before the settlement date of the tender offer.
BOCI Asia Ltd. (attn.: head of debt capital markets, +852 3988 6910) is the lead manager with Haitong International Securities Co. Ltd. (attn.: head of global capital market, +852 2213 8158) as co-dealer manager. D.F. King Ltd. (+44 20 7920 9700, +852 3953 7230, goldenwheel@dfkingltd.com) is information and tender agent.
Golden Wheel Tiandi is a Hong Kong-based commercial and residential property developer, owner and operator that focuses on projects in Jiangsu and Hunan provinces that are physically connected or in close proximity to metro stations or other transportation hubs.
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