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China’s Sinic begins tender offer to purchase 11¾% notes due 2021
By Taylor Fox
New York, Jan. 19 – Sinic Holdings (Group) Co. Ltd. is offering to purchase for cash its $280 million outstanding 11¾% senior notes due 2021 (ISIN: XS2107314234) up to a maximum acceptance amount, according to a company announcement.
The notes will be purchased at a price of $1,010 per $1,000 of notes plus interest.
Sinic is also conducting a concurrent new money issuance.
The maximum purchase amount will be the lower of the outstanding amount of notes and the amount of notes newly issued.
If the maximum amount of notes tendered is greater than the maximum acceptance amount, Sinic will accept tenders on a pro rata basis.
Sinic plans to finance the offer with proceeds from internal funding and the concurrent new money issuance.
The offer will expire at 11 a.m. ET on Jan. 25.
The settlement date is expected for Jan. 27.
Guotai Junan Securities (Hong Kong) Ltd., BOCI Asia Ltd. and UBS AG Hong Kong Branch are the dealer managers, and D.F. King (+44 20 7920 9700, +852 3953 7208; sinic@dfkingltd.com) is the information and tender agent.
The real estate development company is based in Shanghai.
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