Modern Land (China) offers to buy back some 12.85% notes due 2021

By Rebecca Melvin

New York, Feb. 23 – Modern Land (China) Co. Ltd. is offering to purchase for cash a portion of its 12.85% senior notes due 2021 (ISIN: XS1986632716), according to an announcement.

There are $300 million of the notes outstanding, and the company intends to accept a maximum amount of $50 million of notes. The amount may be adjusted up or down, however.

The company is offering to pay $1,027.50 per $1,000 principal amount of notes, plus accrued and unpaid interest from the Oct. 25, 2020 interest payment date.

The offer will expire at 11 a.m. ET on March 4, with settlement expected to occur on March 8.

The tenders will be subject to proration if the amount of notes validly tendered is greater than the maximum acceptance amount.

The company intends to fund the offer mainly with internal funds.

Deutsche Bank AG, Singapore Branch, Guotai Junan Securities (Hong Kong) Ltd., Morgan Stanley & Co. International plc, Credit Suisse (Hong Kong) Ltd. and HSBC are the joint dealer managers of the tender.

D.F. King (+44 20 7920 9700, +852 3953 7208, modernland@dfkingltd.com.) is the information and tender agent.

The property developer focused on green residential development is based in Beijing.

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