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China's SRE gets consents for 78.44% of its $200 million 8 5/8% notes
By Susanna Moon
Chicago, June 22 - SRE Group Ltd. said it received consents from holders of $156,874,000 principal amount of its 8 5/8% guaranteed senior notes due 2013 as of 5 p.m. ET on June 18, the early consent deadline.
That represents 78.44% of the company's $200 million of 8 5/8% notes. The tender offer and consent solicitation began on June 9.
Holders of $129,214,000 principal amount of those notes submitted tenders in addition to consents.
Holders who tendered by the early consent date will receive $800 per $1,000 principal amount of notes, including a $62 early tender payment and a $13 consent payment. The purchase price is $725 per note.
SRE will also pay accrued interest up to but excluding the settlement date.
Consents may be delivered without a tender by the early consent deadline, in which case the amount received will be the $13 per $1,000 consent payment.
However, holders who tender will be deemed to have delivered consents.
The offer ends at 5 p.m. ET on July 14.
To complete the offer, SRE needs to receive the necessary consents, to complete a financing and to satisfy or waive other conditions.
SRE is proposing to sell stock or equity-linked securities to fund the tender offer, which will require a maximum amount of $164.31 million plus expenses. The offering is expected to be around $160 million.
The financing will only go ahead if SRE receives the necessary consents to complete the tender offer. Shareholder approval is needed for the issuance of stock or equity-linked securities.
Deutsche Bank AG, Singapore Branch (44 207 545 8011, 852 2203 8340, 65 6423 8581 or email liability.management@db.com) is the dealer manager, and Bondholder Communications Group (email sray@bondcom.com) is the information, consent and tender agent.
The issuer is a property developer focusing on mid-to-high end residential development in Shanghai.
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