Shanghai Industrial solicits consents to amend 9¾% notes due 2014

By Marisa Wong

Madison, Wis., Nov. 3 - Shanghai Industrial Urban Development Group Ltd. is soliciting consents from holders to amend the indenture governing its $400 million of 9¾% senior notes due 2014.

The consent solicitation is related to and subject to the completion of certain transactions. The transactions include Shanghai Industrial's acquisition of - and its parent company Shanghai Industrial Holdings Ltd.'s sale of - the entire issued share capital of a holding company that holds an indirect 59% equity interest in Shanghai Urban Development (Holdings) Co., Ltd. The acquisition was announced in April.

The amendments would permit Shanghai Industrial and certain of its subsidiaries to incur certain of the holding company's debt and allow the holding company to continue to provide guarantees of its subsidiaries' obligations as it did before the acquisition.

The consent solicitation began on Nov. 2 and will expire at 5 p.m. ET on Nov. 16.

The company will pay consenting holders a fee of $7.50 per $1,000 of notes.

BOCI Asia Ltd. (+852 3988 6910 or +852 3988 6916) is the solicitation agent. Bondholder Communications Group LLC (+44 207 382-4580 or 212 809-2663) is the information and tabulation agent.

Formerly Neo-China Group (Holdings) Ltd., Shanghai Industrial Urban Development engages in property development, property investment and hotel operations in China. The company is based in Hong Kong.

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