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Shui On Land asks to align four note series with recent issues
By Susanna Moon
Chicago, March 27 – China’s Shui On Land Ltd. began a consent solicitation to amend its $500 million 8.7% senior notes due 2017, $637,027,000 8.7% senior notes due 2018, $550 million 9 5/8% senior notes due 2019 and $202,487,000 9¾% senior notes due 2020.
Shui On is soliciting consents to amend the notes to conform the terms of the notes to those more recently issued, according to a company notice.
The new notes issued on Oct. 5, 2016 and on Feb. 6 contain covenants that allow more flexibility for the issuer, the company and the restricted subsidiaries to incur debt, make restricted payments and sell or issue capital stock of restricted subsidiaries, as well as for sale and leaseback transactions.
The consent solicitation will end at 11 a.m. ET on April 11, with settlement expected to occur on April 19. The record date is March 24.
The consent payment will be $3.50 per $1,000 principal amount if the company secures the needed majority of consents.
The solicitation agent is Standard Chartered (+852 3983 8622/ +65 6596 8807 / Liability_management@sc.com). The tabulation and information agent is D.F. King Ltd. (+852 3953 7230, +44 20 7920 9700, sol@dfkingltd.com or https://sites.dfkingltd.com/sol).
Shui On Land is a Hong Kong-based property development company.
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