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Hong Kong’s Golden Wheel sets $138 million cap in offer for 8¼% notes
By Wendy Van Sickle
Columbus, Ohio, Feb. 25 – Golden Wheel Tiandi Holdings Co. Ltd. set a maximum purchase amount of $138 million in its capped tender offer for its $300 million of outstanding 8¼% senior notes due Nov. 3, 2019.
The tender offer was announced on Feb. 25 and the cap was announced the following day.
The tender cap was dependent on net proceeds the company expects to receive from a new notes issuance, according to a notice.
The company priced a $160 million add-on to its 7% notes due 2021 on Feb. 26.
The company said it launched the tender offer as part of a refinancing transaction.
The tender offer will expire at 11 a.m. ET on March 8.
The purchase price per $1,000 principal amount will be $1,002.50 plus accrued interest to but excluding the payment date.
Settlement is expected to be no later than March 15.
If the total amount tendered exceeds the offer cap, the company will accept the tendered notes on a pro rata basis.
The tender offer is conditioned on, among other things, completion of the new notes issue on or before the settlement date of the tender offer.
BOCI Asia Ltd. (attn.: head of debt capital markets, +852 3988 6910) is the lead manager with Haitong International Securities Co. Ltd. (attn.: head of global capital market, +852 2213 8158) as co-dealer manager. D.F. King Ltd. (+44 20 7920 9700, +852 3953 7230, goldenwheel@dfkingltd.com) is information and tender agent.
Golden Wheel Tiandi is a Hong Kong-based commercial and residential property developer, owner and operator that focuses on projects in Jiangsu and Hunan provinces that are physically connected or in close proximity to metro stations or other transportation hubs.
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