HNA Ecotech further extends redemption of 8% notes to June 18

By Rebecca Melvin

New York, April 22 – HNA Ecotech Panorama Cayman Co. Ltd. has extended the planned redemption of its $105,638,000 of 8% senior secured notes due 2021 because the condition for redemption has not been met.

The new redemption date is June 18, which was delayed from April 22, according to a notice from the issuer. Previously, the redemption was extended to Feb. 21 from Jan. 1.

Originally the notes were to have been redeemed on Nov. 28, 2017, but the redemption date was extended to Jan. 27, 2018, then to March 26, 2018; May 22, 2018; July 17, 2018; Sept. 11, 2018; and Nov. 6, 2018.

The redemption price is 102% of par plus accrued interest up to but excluding the redemption date. The price was 106% of par in the original redemption notice and with the May 22, 2018 date, the redemption price fell to 104%, and subsequently to 102%.

The redemption remains conditional on the issuer having sufficient funds to redeem 100% of the notes.

HNA Ecotech, formerly known as BCP (Singapore) VI Cayman Financing Co. Ltd., is a high-tech industry holding group based in the Cayman Islands.

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