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Hong Kong’s Powerlong solicits consents for 11¼% notes, 9½% notes
By Jennifer Chiou
New York, Nov. 17 – Powerlong Real Estate Holdings Ltd. announced that it is soliciting consents from holders of its 11¼% senior notes due 2018 and its 9½% senior notes due 2016.
The company issued RMB 1.5 billion of 10¾% senior notes due 2017 in September, and the company is seeking consents from holders of the 11¼% notes and 9½% notes to bring the note indentures into conformity with that of the 10¾% notes.
The solicitation for the 11¼% notes will expire on Dec. 2, while the solicitation for the 9½% notes will expire on Dec. 9.
Powerlong is offering holders of the 11¼% notes a consent fee of $3.00 per $1,000 principal amount and RMB 30 for each RMB 10,000 principal amount of 9½% notes.
Citibank, NA, London Branch is the information and tabulation agent. Credit Suisse Securities (Europe) Ltd. is the solicitation agent (44 20 7883 8763; liability.management@credit-suisse.com).
Powerlong is a real estate company based in Hong Kong.
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