Modern Land (China) sees $155.39 million tenders of 6 7/8% notes

By Wendy Van Sickle

Columbus, Ohio, June 10 – Modern Land (China) Co., Ltd. received and accepted tenders of $155,392,000, or 38.48%, or its $403,797,000 outstanding 6 7/8% senior notes due 2019, according to a company news release.

The company announced the offer on May 27, saying then that it expected to accept no more than $300 million principal amount of notes in the offer. It reserved the right to accept significantly more than or significantly less than $300 million.

The offer ended at 11 a.m. ET on June 10.

The purchase price is $1,005 per $1,000 principal amount of notes plus accrued interest up to but excluding the settlement date, which is expected to be June 14.

The company planned to finance the offer with the proceeds from internal funds.

The company said the offer was being made as part of its efforts to proactively manage its balance sheet liabilities and optimize its debt structure.

Notes repurchased in the offer will be canceled.

Guotai Junan Securities (Hong Kong) Ltd. and Deutsche Bank AG, Hong Kong Branch are the joint dealer managers. D.F. King (+44 20 7920 9700, +852 3953 7230, modernland@dfkingltd.com, https://sites.dfkingltd.com/modernland) is the information and tender agent.

Beijing-based Modern Land is a property developer focusing on the development of green, energy-saving and eco-friendly residences.

© 2015 Prospect News.
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