Ganglong exchanges 84.47% of its 13˝% notes due 2021

By Wendy Van Sickle

Columbus, Ohio, Nov. 4 – Ganglong China Property Group Ltd. said holders exchanged $126.7 million, or 84.47%, of its $150 million one-year notes that were issued on Dec. 2, 2020 (ISIN: XS2256723938) by the deadline to trade the notes for new 13˝% notes due Nov. 11, 2022, according to a notice.

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

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

Settlement is planned for Nov. 12.

The offer was announced on Oct. 26.

The company will also issue $31.3 million of the new notes under a concurrent new money issuance.

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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