Redco Properties obtains consents needed to amend 9.9%, 10½% notes

By Rebecca Melvin

Concord, N.H., March 18 – China’s Redco Properties Group Ltd. announced it received the required consents needed for its March 14 consent bid relating to its outstanding 9.9% senior notes due 2024 (ISIN: XS2231089546) and 10½% senior notes due 2023 (ISIN: XS2360310473).

The expiry was 11 a.m. ET on March 22.

The company was seeking approval from holders to make some amendments to the notes including adjustments related to potential defaults, and the company now intends to execute supplemental indentures for the series to increase the cross-default and judgement default thresholds and carve out any default for the series resulting from default under the excluded debt.

Redco is a residential and commercial property developer based in Shenzhen, China.

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