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Hong Kong’s Shui On Land begins exchange, tender offers for notes due 2021
Chicago, Feb. 19 – Shui On Land Ltd. announced the beginning of exchange and tender offers for two of Shui On Development (Holding) Ltd.’s series of notes due 2021 on Wednesday, according to an announcement.
Concurrently, the company is proposing new notes to be issued in exchange for old notes.
Specifically, the company launched offers for up to a combined $400 million of its outstanding $500 million 5.7% senior notes due February 2021 and its outstanding $500 million 6¼% senior notes due November 2021.
For noteholders exchanging notes, $1,000 of new notes will be exchanged for $1,000 principal amount of old notes plus an exchange premium plus any fractional cash payment plus accrued interest.
The exchange premium for the old February 2021 notes will be $19.50.
The exchange premium for the old November 2021 notes will be $33.40.
For those who wish to tender their notes, noteholders will receive $1,019.50 for the old February 2021 notes or $1,033.40 for the old November 2021 notes plus accrued interest.
The exchange and tender offer will expire at 11 a.m. ET on Feb. 28.
Settlement is expected for March 3.
Shui On Development is concurrently offering to issue and sell new notes to institutional investors in Asia and Europe, expected to be offered for at least par.
The exchange and tender offer is subject to a financing condition of at least $300 million of new notes being issued.
The purpose of the exchange offer is to extend the maturity of a portion of Shui On Development’s debt due in 2021.
UBS AG Hong Kong Branch is working as dealer manager for the exchange and tender offer. Questions should be directed to Morrow Sodali Ltd. (sol@investor.morrowsodali.com, +44 20 7355 0628 or +852 2158 8404).
Shui On Land is a Hong Kong-based property development company.
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