Hejun Shunze accepts $119.15 million tendered 9% senior notes due 2021

By Taylor Fox

New York, Jan. 13 – China’s Hejun Shunze Investment Co., Ltd. announced the expiration of its offer to purchase any and all of its $192 million outstanding of its original $200 million 9% senior notes due 2021 (ISIN: XS2127887169), according to an announcement.

As of the 11 a.m. ET Jan. 12 expiration, $119.15 million, or 62.06%, of the notes were tendered and will be accepted by the company in full without scaling.

Holders who tendered notes prior to the expiration date will receive $1,006.5 per $1,000 of notes tendered, plus interest.

The company will pay to holders of accepted notes $119,924,475 plus interest of $32.5 per $1,000 of notes.

Hejun expects that, following settlement of the offer, $72.85 million of the notes will remain outstanding.

As previously reported, the offer will be financed using proceeds from the issuance of new notes.

Hejun may redeem the notes not tendered in the offer at par plus interest before March 4.

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

The settlement date is expected to be Jan. 15.

Guotai Junan Securities (Hong Kong) Ltd. is the dealer manager and D.F. King Ltd. (+44 20 7920 9700, +852 3953 7231) is the information and tender agent.

The real estate developer is based in Chengdu, China.

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