China’s Guangzhou Fineland to refinance 13½% notes due 2021 with new issue proceeds

By Rebecca Melvin

New York, Jan. 8 – Guangzhou Fineland Real Estate Development Co., Ltd. began an exchange offer on Friday regarding its outstanding 13½% senior notes due 2021.

The company is conducting a concurrent offer to issue and sell additional new notes, subject to market conditions

For each $1,000 in principal of the existing notes that holders validly tender prior to the exchange expiration deadline, they will receive a cash consideration for each bond, $1,000 principal amount of new notes and accrued and unpaid interest, according to a company announcement.

The minimum yield on the new notes and the cash consideration for exchanged notes are expected to be announced on Jan. 12, and the exchange expires at 11 a.m. ET on Jan. 19.

The amount of tenders for exchange received will be announced on Jan. 20, and settlement of the new notes will be on Jan. 27, with listing of the new notes on the Singapore exchange on Jan. 28.

Guotai Junan International and Haitong International are the dealer managers, and D.F. King is the information and exchange agent.

The real estate developer is based in Guangzhou, China.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.