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Jiayuan International to accept $55.76 million tenders on 13¾% notes
By Taylor Fox
New York, Feb. 1 – Jiayuan International Group Ltd. announced the results of its cash tender 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.
As of the 11 a.m. ET Jan. 29 expiration, $55,755,000 of the notes, or 21.24% of the outstanding amount of notes, were tendered and accepted for purchase.
As previously reported, holders who tendered notes will receive $1,024.02 per $1,000 of notes plus interest.
Jiayuan will pay an aggregate purchase price of $57,094,235 for the notes accepted and interest of $55 per $1,000 of notes accepted.
Following settlement, $206,745,000 of the notes will remain outstanding.
The offer to purchase the notes was subject to, among other things, the issuance of new notes.
The company intends to finance the offer with the proceeds from internal funding and the concurrent new money issuance.
The settlement date is expected to be Feb. 5.
HSBC 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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