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China’s Haiguo Xintai accepts $433.16 million tendered 2022 bonds, gets consents to add call
By Marisa Wong
Los Angeles, June 30 – Haiguo Xintai Capital Ltd. announced the results of its tender offer to repurchase for cash any and all of its outstanding $500 million 4.3% bonds due 2022 (ISIN: XS2017302527) guaranteed by Beijing Haidian State-Owned Asset Investment Group Co., Ltd.
As of the expiration of the offer at 11 a.m. ET on June 8, holders had tendered $433,158,000 of the bonds.
The issuer will accept all of the tendered bonds for purchase at par of $1,000 plus accrued interest.
After settlement, which is expected to be July 8, $21,842,000 of the bonds will remain outstanding.
Concurrently, the issuer had solicited consents from holders to pass an extraordinary resolution that would allow it to redeem the bonds in whole at par at any time.
A meeting was held on June 30 for holders to vote on the extraordinary resolution. The company announced on Wednesday that the extraordinary resolution was passed, and a supplemental trust deed was executed that same day.
The quorum required at the meeting was two or more persons holding at least 75% of the outstanding principal amount of the bonds. To pass, the extraordinary resolution required a majority of at least 75% of the votes cast to be in favor of the proposal.
Since the proposal was approved, the issuer will redeem all of the remaining outstanding bonds on July 15 at par plus accrued interest.
Haitong International Securities Co. Ltd. (project.prosperity.lm@htisec.com) was the dealer manager for the tender offer, and D.F. King Ltd. (+44 20 7920 9700, +852 3953 7231, hgt@dfkingltd.com, https://sites.dfkingltd.com/hgt) was tender and tabulation agent.
Formerly Beijing Haiguo Xintai Investment Holding Center, Beijing Haidian provides investment management, investment consulting, asset management and other services. The company is based in Beijing.
© 2015 Prospect News.
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