Guangzhou Fineland gives results of exchange offer for 13½% notes

By Rebecca Melvin

New York, Jan. 20 – China’s Guangzhou Fineland Real Estate Development Co., Ltd. said it received and accepted tenders of $236,250,000 principal amount of its 13½% senior notes due 2021 under an exchange offer for new notes.

The amount represents about 78.75% of the total $300 million principal amount of existing notes.

The offer expired at 11 a.m. ET on Jan. 19.

As previously reported, for each $1,000 in principal of the existing notes that holders validly tendered, they will receive a cash consideration of $10 and $1,000 principal amount of new notes plus accrued interest, according to a company announcement.

The new notes will have a tenor of 2.5 years and bear interest at 13½%. The company will make a further announcement to the actual yield and interest rate and the result of the exchange offer.

The 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 of the exchange, and D.F. King is the information and exchange agent.

The real estate developer is based in Guangzhou, China.

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