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Sunkwan Properties offers to exchange $185 million 12¾% notes due 2022, issue new notes
By Rebecca Melvin
Concord, N.H., Dec. 14 – China’s Sunkwan Properties Group Ltd. is offering to exchange any and all of its $185 million 12¾% senior notes due 2022 (ISIN: XS2157244174) for new notes with a tenor of 364 days plus accrued interest and a minimum yield of 13½%, according to a company announcement.
Concurrently with the exchange offer and issuance of notes that will be exchanged, the company is conducting a separate offering of new notes that will be consolidated to form a single series with the notes issued for the exchange. The actual interest rate of the new notes will be set at the pricing of the concurrent new money issuance.
The Regulation S exchange offer expires at 11 a.m. ET on Dec. 21. The results of the exchange offer are expected to be announced on Dec. 22 with settlement seen on Dec. 28.
The company said the purpose of the exchange is to optimize its debt structure by extending its debt maturity profile, develop more steadily, strengthen its balance sheet and improve cash flow management. The company will not receive cash proceeds from the exchange. The purpose of the concurrent new money issuance, if consummated, is to refinance existing offshore debt.
The company has mandated Haitong International Securities Co. Ltd. as dealer manager of the exchange offer and as manager of the additional issuance. It has also mandated D.F. King Ltd. (+44 20 7920 9700, +852 3953 7231 or sunkwan@dfkingltd.com) as information and exchange agent for the exchange offer.
The company will seek a listing of the new notes on the Hong Kong Stock Exchange.
The property developer focuses on the Yangtze River Delta Economic Region in China.
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