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Evergrande gets consents to align 8¾%, 12% notes with new issue
By Marisa Wong
Morgantown, W.Va., Feb. 22 – China’s Evergrande Real Estate Group Ltd. said it received the necessary consents to amend its 8¾% senior notes due 2018 and its 12% senior notes due 2020.
The company said it will execute a supplemental indenture effecting the changes on Monday.
Evergrande had asked 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.
The recent new issue has more flexible terms that allow the company “to pursue additional business opportunities and further business growth,” according to a previous announcement.
The consent solicitation ended 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 was 5 p.m. ET on Jan. 29 for the 2018 notes and 11 a.m. ET on Jan. 29 for the 2020 notes.
The company said it has arranged to pay the consent fee of $3.50 for each $1,000 principal amount as soon as practicable.
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 Guangzhou, China-based real estate developer began the consent solicitation on Feb. 1.
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