Central China Real Estate solicits consents for S$175 million 10¾% notes

By Jennifer Chiou

New York, Dec. 1 – Central China Real Estate Ltd. announced the launch of the consent solicitation for its S$175 million of 10¾% senior notes due 2016.

According to a filing with the Hong Kong Stock Exchange, the company is looking to bring the terms of the 10¾% notes closer in line with the terms of the S$200 million of 6½% senior notes due 2017, which it issued in May 2014.

The terms of those notes are more flexible and enable the issuer to pursue additional business opportunities, the company stated.

The changes for the 10¾% notes include, among other things, amendments to the limitation on indebtedness and preferred stock as well as the limitation on restricted payments.

The record date is Dec. 1. The solicitation will end on Dec. 15.

The company is offering a consent fee of S$2.50 per $1,000 principal amount.

Central China Real Estate is seeking consents from holders of at least a majority of notes.

DB Trustees (Hong Kong) Ltd. is the trustee.

D. F. King & Co., Inc. is the information and tabulation agent (44 20 7920 9700 or 212 269 5550; centralchina@dfkingltd.com; www.king-worldwide.com/centralchina).

DBS Bank Ltd. and Morgan Stanley & Co. International plc are the solicitation agents.

The investment holding company is based in Zhengzhou City, China. It primarily engages in the property development business in the Henan Province of China.

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