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China’s Evergrande asks to align 8¾% notes, 12% notes with new issue
By Susanna Moon
Chicago, Feb. 1 – Evergrande Real Estate Group Ltd. said it began a consent solicitation for its 8¾% senior notes due 2018 and its 12% senior notes due 2020.
Evergrande is asking holders to approve amendments to the notes that bring some of the note provisions into conformity with those of its 8% senior notes due 2019 issued on Jan. 15, according to a company notice.
The recent new issue has more flexible terms that allows the company “to pursue additional business opportunities and further business growth,” the release noted.
The consent solicitation will end at 5 p.m. ET on Feb. 19 for the 2018 notes and at 11 a.m. ET on Feb. 19 for the 2020 notes. The record date is 5 p.m. ET on Jan. 29 for the 2018 notes and 11 a.m. ET on Jan. 29 for the 2020 notes.
The consent fee will be $3.50 for each $1,000 principal amount.
D.F. King (+44 20 7920 9700, 212 269-5550, 866 751-6312, +852 3953 7230 or evergrande@dfkingltd.com) is the information and tabulation agent. Credit Suisse Securities (Europe) Ltd. is the solicitation agent (list.consent@credit-suisse.com).
The real estate developer is based in Guangzhou, China.
© 2015 Prospect News.
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