China ZhengTong Auto receives tenders for 93.87% of 12% notes

Chicago, Dec. 1 – China ZhengTong Auto Services Holdings Ltd. announced the results of its 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 company received tenders for $162.4 million of the notes, or 93.87% of the total principal amount outstanding.

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

The offer was 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 expired at noon ET on Nov. 23. Settlement occurred on Nov. 29.

After the offer settled, there are $10.6 million of the notes remaining.

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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