China ZhengTong Auto begins change-of-control offer for 12% notes

By Wendy Van Sickle

Columbus, Ohio, Sept. 30 – China ZhengTong Auto Services Holdings Ltd. began a cash offer to purchase any and all of its $173 million of 12% senior notes due Jan. 21, 2022 (ISIN: XS2090972493), according to a notice on Thursday.

The purchase price is 101, and notes will be purchased in minimum amount of $200,000 and in multiples of $1,000 in excess thereof.

The offer is being made as a result of a change-of-control event that occurred when Joy Capital Holdings Ltd. ceased to be the controlling shareholder of the company and Xiamen ITG Holding Group Co., Ltd. became the largest shareholder, holding 29.9% of the total issued company shares.

The offer will expire at noon ET on Nov. 23. Settlement is expected on Nov. 29.

The company plans to fund the offer with internal cash or alternative funding from external sources.

Holders may contact the company’s Investor Relations Department (+852 2851 9538 or ir@zhengtonauto.com) for information.

The auto dealership group is based in Beijing.

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