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China's Nine Dragons investors tender $165.18 million in offer for 7 7/8% notes
By Susanna Moon
Chicago, March 10 - Nine Dragons Paper (Holdings) Ltd. said investors tendered $165,177,000 principal amount, or 58%, of the company's $283.75 million of outstanding 7 7/8% senior bullet notes due 2013.
The tender offer and consent solicitation expired at midnight ET on March 9. The offer began on Feb. 9.
The company will pay $94 million for the notes, including accrued interest. The maximum amount payable in the offer, excluding interest, was $160 million.
As previously noted, the company will pay $530 for each $1,000 principal amount of notes, including an early tender premium of $50. Holders will also receive accrued interest up to the payment date of March 12.
After the purchase, there will be $118,573,000 of the notes outstanding. The company has bought back $181,427,000, or 60%, of the notes.
The offer will be funded with internal resources.
The notes' coupon is subject to adjustment from time to time based on the company's ratings. When the offer began, Nine Dragons said that based on its current ratings, the interest rate payable on the next interest payment date, April 29, would be 9 7/8%.
Merrill Lynch & Co. is the dealer manager, and Bondholder Communications Group is the information agent.
Nine Dragons produces packaging paperboard products. The company is incorporated in Bermuda and based in Guangdong, China.
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