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Jiayuan International begins offer to purchase 13¾% notes due 2022
By Taylor Fox
New York, Jan. 15 – Jiayuan International Group Ltd. commenced a cash offer to purchase its $262.5 million outstanding 13¾% senior notes due 2022 (ISIN: XS2024526043) up to a maximum acceptance amount, according to a company announcement.
Holders who tender notes will receive $1,024.02 per $1,000 of notes plus interest.
The offer to purchase the notes is subject to, among other things, the issuance of new notes.
If the aggregate principal amount of 2022 notes tendered is greater than the maximum acceptance amount, the company will accept tenders of 2022 notes for purchase on a pro rata basis.
The company intends to finance the offer with the proceeds from internal funding and the concurrent new money issuance.
The offer will expire at 11 a.m. ET on Jan. 29.
The settlement date is expected to be Feb. 5.
The Hongkong and Shanghai Banking Corp. Ltd. is acting as the sole dealer manager and D.F. King (+44 20 7920 9700, +852 3953 7208; jiayuan@dfkingltd.com) is acting as the information and tender agent in relation to the offer.
Jiayuan International is a Hong Kong-based property developer.
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