| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers Tenders > Headlines for 2022 > News item |
China South City gets consents to extend maturity of two 2022 notes
By Rebecca Melvin
Concord, N.H., Jan. 26 – China South City Holdings Ltd. has received sufficient support from holders of its $350 million 11˝% senior notes due 2022 (ISIN: XS2085883119) and its $350 million 10 7/8% senior notes due 2022 (ISIN: XS2120092882) to extend their respective maturities, according to an announcement.
The main purpose of the consent solicitation is to extend the maturities of the notes to improve the company’s liquidity and cash flow management and to allow the company to optionally redeem the notes at any time at par plus accrued interest.
The company had received sufficient consents, or at least 75% of the notes for each series, as of 11 p.m. ET on Jan. 25, two days prior to the solicitation’s expiration at 11 a.m. ET on Jan. 28.
The company is now able to push the maturity date on the 11˝% notes to Aug. 12, 2022 from Feb. 12, 2022 and to push the maturity date on the 10 7/8% notes to Oct. 26, 2022 from June 26, 2022.
Early consenting holders will receive $5.00 per $1,000 note, and holders who consent after the early deadline but before the final expiration time will receive $1.50 per $1,000 note.
Payment of the consent fee will be made on Feb. 10.
As previously reported, the company has plans to later try to refinance the notes at lower borrowing costs.
China South City is getting a new equity investment for HK$1,909,500,000 from municipal state-owned enterprise SZCDG. The investment should improve the management and operational efficiency as well as enhance the financial capability of the company.
Credit Suisse (Hong Kong) Ltd. is the solicitation agent.
Morrow Sodali is the information and tabulation agent (+852 2319 4130, +44 20 4513 6933, csc@investor.morrowsodali.com, https://bonds.morrowsodali.com/csc).
Hong Kong-based China South City develops and operates integrated logistics and trade centers in China.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.