China’s Country Garden secures consents to amend five note series

By Susanna Moon

Chicago, Dec. 17 – Country Garden Holdings Co. Ltd. said it obtained the needed consents to amend its 7½% senior notes due 2023, 7¼% senior notes due 2021, 7 7/8% senior notes due 2019, 7½% senior notes due 2019 and 7½% senior notes due 2020.

As a result, Country Garden executed a supplemental indenture for each of the note indentures on Thursday, which bring some of the note terms in line with those of its 2020 notes, according to a company press release.

The consent solicitation ran until 11 a.m. ET on Dec. 16 for the 7½% notes due 2019 and 7½% notes due 2020 and 5 p.m. ET on Dec. 16 for the 7½% notes due 2023, 7¼% notes due 2021 and 7 7/8% notes due 2019. The solicitation began Dec. 1.

As announced, the consent fee will be $2.50 per $1,000 principal amount of notes.

The amendments will allow the company “to become more adaptive to the fast-changing competition landscape and regulatory environment and increase the flexibility for the company to implement its business plans in the future,” according to a previous release.

For each note series, the consent solicitation was conditioned on the company securing consents from the holders of a majority of that series.

The solicitation agents are Merrill Lynch International and Morgan Stanley & Co. International plc (852 3963 0371, 800 624 1808 or 44 20 7677 0473). The information and tabulation agent is D.F. King (44 20 7920 9700, 212 269-5550, 800 511-9495, 852 3953 7230 or countrygarden@dfkingltd.com).

Country Garden is a Foshan, China-based real estate developer focused on large-scale residential communities.

© 2015 Prospect News.
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