China Grand begins tender for Baoxin Auto’s 5 5/8% senior perpetuals

By Rebecca Melvin

Concord, N.H., July 9 – China Grand Automotive Services Group Co., Ltd. began an offer to purchase for cash any and all of subsidiary Baoxin Auto Finance I Ltd.’s $400 million 5 5/8% senior perpetual securities (ISIN: XS1706083489) on Friday, according to company announcement.

The tender price is $1,000 per $1,000 principal amount. The company will also pay accrued interest.

The tender offer expires at 11 a.m. ET on July 22. Results are expected to be announced no later than July 26.

The company is concurrently conducting an offering of dollar-denominated senior notes, which is expected to price on July 19. The tender offer is conditioned on the new money issuance.

In particular, the allocation of each $2,000 principal amount of new notes under the new money issuance to a holder of the existing 5 5/8% securities will entitle that holder to tender $1,000 of existing securities under the tender offer.

The dealer managers of the tender offer are China International Capital Corp. Hong Kong Securities Ltd. (+852 2827 2000; IB_Project_Upbring@cicc.com.cn), HSBC Ltd. (+852 3941 0223; liability.management@hsbcib.com), CCB International Capital Ltd. (PROJECT_UPBRING@ccbintl.com) and Haitong International Securities Co. Ltd. (project.upbring@htisec.com).

Morrow Sodali Ltd. (+44 208 089 3287; +852 2319 4130) is the information and tender agent.

China Grand Automotive is a passenger car dealer based in Shanghai.

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