Country Garden meets financial condition for 2.5% convertibles tender; April 27 settlement set

By Jennifer Chiou

New York, April 23 - Country Garden Holdings Co. Ltd. announced that the financing condition for its previously wrapped cash tender offer for its RMB 4,314,000,000 of dollar-settled 2.5% convertible bonds due 2013 has been met, and the company also confirmed April 27 as the settlement date.

As already reported, the company said the maximum purchase amount was 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.

The purchase was subject to the satisfaction or waiver of the 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) were the dealer managers and tender agents.

The Hong Kong-based property developer issued the notes in February 2008.

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