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Sichuan Transportation seeks consents to amend $350 million 4¾% notes
By Rebecca Melvin
Concord, N.H., April 21 – Sichuan Transportation Investment Group Corp. Ltd. is seeking consents from holders of its $350 million 4¾% bonds due 2021 to amend the bonds and implement certain waivers needed to allow an amalgamated company to be substituted for itself as the guarantor, according to a notice.
The notes were issued by Sichuan Communications Overseas Development Co. Ltd.
A consent fee of $0.20 per $1,000 principal amount of bonds will be paid to holders who deliver a vote in favor of the proposed amendments and waivers before 11 a.m. ET on April 30.
The deadline for voting on the extraordinary resolution is 11 a.m. ET on May 10, and a meeting for approving the extraordinary resolution is slated for 4 a.m. ET on May 13.
The company is amalgamating with Sichuan Railway Investment Group Corp. Ltd. to form a single company as mandated by the Sichuan Provincial Party Committee and the Sichuan Provincial Government.
Both companies are 100% beneficially owned by Sichuan Development (Holding) Co., Ltd.
The April 2 agreement is expected to enhance resource allocation, upgrade the two companies into a conglomerate, and contribute to the development and transformation of the transport infrastructure in Sichuan Province. It will not have a material adverse impact on the ability of the issuer to repay its existing debts, including the bonds, the company said.
China International Capital Corp. is solicitation agent for the consent solicitation, and D.F. King Ltd. (https://sites.dfkingltd.com/sichuanrailway) is the information and tabulation agent.
The state-owned company operates as a transportation infrastructure management company. It operates toll roads and bridges.
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