China’s Sinic gives results of tender offer for 11¾% notes due 2021

By Rebecca Melvin

New York, Jan. 26 – Sinic Holdings (Group) Co. Ltd. said it received and accepted tenders of $119,355,000 principal amount of its 11¾% senior notes due 2021 (ISIN: XS2107314234), according to a company announcement.

The amount represents 42.63% of the total $280 million outstanding of notes.

The offer expired at 11 a.m. ET on Jan. 25.

As previously reported, Sinic said it will purchase the notes for $1,010 per $1,000 of notes plus interest. The company was also conducting a concurrent new money issuance and plans to finance the offer with proceeds from internal funding and the new money issuance.

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 of the tender, which was expected to settle on Jan. 27.

The real estate development company is based in Shanghai.

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