Ganglong aims to push note maturity one year through exchange offer

Chicago, Oct. 26 – Ganglong China Property Group Ltd. is offering to exchange its one-year notes that were issued on Dec. 2, 2020 (ISIN: XS2256723938) for new 364-day notes with a minimum yield of at least 13˝%, the current yield on its existing bonds.

The exact interest rate will be set at the same time as the pricing of the concurrent new money issue, according to an announcement.

Noteholders will receive $1,000 of new bonds for $1,000 of existing bonds, plus accrued interest.

The exchange deadline is 11 a.m. ET on Nov. 3.

Settlement is planned for Nov. 12.

The purpose of the exchange offer is to improve the company’s debt structure, to extend its debt maturity profile, to develop more steadily, to strengthen its balance sheet and to improve cash flow management.

Guotai Junan International, CMB International, Seazen Resources and WBAML are the dealer managers.

Morrow Sodali is the information and exchange agent (+44 20 4513 6933, +852 2319 4130, glchina@investor.morrowsodali.com, https://bonds.morrowsodali.com/glchina).

Ganglong is a real estate development company based in Hong Kong.

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