China Fortune Land announces tender for some 6½% bonds due 2020

By Rebecca Melvin

New York, Sept. 23 – CFLD (Cayman) Investment Ltd. announced a cash tender offer for a portion of its $920 million principal amount outstanding of 6½% guaranteed bonds due 2020 (ISIN: XS1729851490), which are guaranteed by China Fortune Land Development Co., Ltd.

The company is making a concurrent offer of new bonds, and the maximum acceptance amount of the bond tender, which is being financed with internal funding and proceeds of the new issuance, is up to the lower of $300 million and the new issue amount, according to a company news release.

The tender offer expires at 11 a.m. ET on Sept. 30.

The price for purchased bonds is $1,004 per $1,000 bond. Settlement is expected to take place on Oct. 9.

The dealer managers of the tender offer are China Citic Bank International Ltd. (+852 6280 3537, CNCBI_DCM@cncbinternational.com), Guotai Junan Securities (Hong Kong) Ltd. (+852 2509 0030, dcm.faraday@gtjas.com.hkimited, Haitong International Securities Co. Ltd. (+852 2848 4333, dcm@htisec.com) and J.P. Morgan Securities plc (+852 2800 2403, liability_management_CFLC@jpmorgan.com).

D.F. King (+44 20 7920 9700, +852 3953 7208, cfld@dfkingltd.com, https://sites.dfkingltd.com/cfld) is the information and tender agent.

China Fortune is a real estate developer based in Beijing.

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