China’s Huijing announces expiration, results of exchange offer

By Devika Patel

Knoxville, Tenn., July 14 – Huijing Holdings Co. Ltd. said holders of $107.6 million of the notes, or 77.97%, validly tendered their notes in the company’s previously announced exchange offer for its $138 million outstanding 12˝% senior notes due July 21, 2022 (ISIN: XS2364281506), according to an announcement.

There was a minimum exchange condition for 77.826%, or $107.4 million, of the notes.

The offer ended at 11 a.m. ET on July 14, pushed back from the original end time 11 a.m. ET on July 13. The offer was extended on Wednesday.

The settlement date and the date for the listing of the notes were also extended an additional day, now July 19 and July 20, respectively.

As previously reported, the company offered a like amount ($1,000 note in exchange for $1,000 note) with the same 12˝% interest rate but an extended 364-day tenor and maturity date in 2023.

The new notes are callable at par at any time and there is an equity clawback for up to 35% of the notes at 112.5.

A total of $6,612,916.69 in cash accrued interest will also be paid on the existing notes that are exchanged.

The new notes will be listed on the Singapore Exchange.

Instructions are irrevocable.

CMB International Capital Ltd. (+852 3761 8990, ProjectMusigny@cmbi.com.hk) is the dealer adviser for the Regulation S offer.

D.F. King & Co., Inc. (+44 20 7920 9700, +852 3953 7208, huijing@dfking.com) is the information and exchange agent for the offer.

Huijing is a Shanghai-based commercial and residential property developer.

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