China's Evergrande gets enough consents to amend 13% notes, 9¼% notes

By Toni Weeks

San Luis Obispo, Calif., Jan. 21 - Evergrande Real Estate Group Ltd. said it received the requisite number of unrevoked consents to amend its 13% senior notes due 2015 and 9¼% renminbi-denominated dollar-settled senior notes due 2016, according to a company announcement.

As a result, the company executed a supplemental indenture for each series of notes on Tuesday.

Evergrande needed holders of a majority in principal amount of each of the 13% notes and the 9¼% notes to consent to amendments to conform the indentures governing the outstanding notes with the terms of the company's recently issued 8¾% senior notes due 2018.

Holders of record as of 5 p.m. ET on Jan. 6 were eligible to participate. The consent solicitations began Jan. 6 and expired at 5 p.m. ET on Jan. 17.

The company offered a consent fee of $3.75 per $1,000 principal amount to consenting 13% noteholders and a consent fee of RMB 37.50 per RMB 10,000 to consenting 9¼% noteholders.

J.P. Morgan Securities plc (+852 2800 7662; liability_management_asia@jpmorgan.com) was the solicitation agent. D.F. King & Co., Inc. (evergrande@king-worldwide.com; +44 207 920 9700 or 212 269-5550) was the information and tabulation agent.

The real estate developer is based in Guangzhou, China.

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