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Country Garden wraps cash tender offer for its 2.5% convertible bonds
By Susanna Moon
Chicago, April 16 - Country Garden Holdings Co. Ltd. announced the purchase amounts for the cash tender offer for its RMB 4,314,000,000 of dollar-settled 2.5% convertible bonds due 2013.
The company said the maximum purchase amount is RMB 3,248,800,000 and the final purchase amount will be RMB 780.7 million. There will be RMB 3,533,300,000 principal amount of the convertibles outstanding following settlement, which is slated for April 27.
The purchase is subject to the satisfaction or waiver of a financing condition by 8 p.m. ET on April 23. Country Garden previously said the purchase amount was contingent on the proceeds of a dollar-denominated issue of senior notes.
For each RMB 100,000 of tendered bonds, the company said it will pay the dollar equivalent of 111% plus accrued interest, less a 0.75% brokerage commission.
The offer expired at 11 a.m. ET on April 13. It began on April 7.
Goldman Sachs (Asia) LLC (852 2978-2634 or 852 2978-0183) and J.P. Morgan Securities Ltd. (852 2800-8817) are the dealer managers and tender agents.
The Hong Kong-based property developer issued the notes in February 2008.
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