China’s Powerlong gets needed consents to amend 11¼%, 9½% notes

By Marisa Wong

Madison, Wis., Dec. 9 – Powerlong Real Estate Holdings Ltd. announced it received the noteholder consents required to amend the indentures for its 11¼% senior notes due 2018 and its 9½% senior notes due 2016.

The company said it intends to execute a supplemental indenture for each of its 11¼% and 9½% notes.

The company began the consent solicitation on Nov. 18. The solicitation period expired on Dec. 2 for the 11¼% notes and Dec. 9 for the 9½% notes.

As previously announced, the company issued RMB 1.5 billion of 10¾% senior notes due 2017 in September, and the company sought consents from holders of the 11¼% notes and 9½% notes to bring the note indentures into conformity with that of the 10¾% notes.

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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