E-mail us: service@prospectnews.com Or call: 212 374 2800
Bank Loans - CLOs - Convertibles - Distressed Debt - Emerging Markets
Green Finance - High Yield - Investment Grade - Liability Management
Preferreds - Private Placements - Structured Products
 
Add to balance / Manage account  User:  Log out
Prospect News home > News index > List of issuers Tenders > Headlines for 2022 > News item
Published on 1/12/2022 in the Prospect News Distressed Debt Daily, Prospect News Emerging Markets Daily and Prospect News Liability Management Daily.

DaFa gives interim consent bid results for 12 3/8% notes, 13½% notes

By Rebecca Melvin

Concord, N.H., 12 – DaFa Properties Group Ltd. gave interim results of a Jan. 7 consent solicitation regarding its outstanding 12 3/8% senior notes due 2022 (ISIN: XS2182881388) and outstanding 13½% senior notes due 2023 (ISIN: XS2400512146), according to a company announcement.

As of 6 a.m. ET on Jan. 12, the company had received consents from holders of more than 50% of the aggregate principal amount of each outstanding series.

The interim results are enough to enable the company to amend the event of default provisions in the indentures and carve out any default resulting from a default occurring under its January 2022 notes.

As previously reported, there are currently $360 million of the 2022 notes and $100 million of the 2023 notes outstanding.

The solicitations will expire at 11 a.m. ET on Jan. 13.

Holders are eligible to receive a consent fee of $2.00 for each $1,000 principal amount of notes for which consents are delivered on or prior to the expiration date.

Payment of the consent fee is expected to be Jan. 21.

The company commenced a concurrent exchange offer and consent solicitation on Jan. 6 regarding its outstanding Jan. 18, 2022 notes (ISIN: 2286017640). Under that offer, the company is offering to exchange at least $166.05 million, or 90%, of the outstanding notes for notes with an extended maturity.

Guotai Junan Securities (Hong Kong) Ltd. (+852 2509 0030) is the dealer manager of the consent solicitations, and D.F. King Ltd. (+44 20 7920 9700, +852 3953 7231, Dafa@dfkingltd.com/DaFaConsents) is the information and tabulation agent.

The real estate developer based in Shanghai.


© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.