China’s Yincheng offers to exchange 13% notes due 2023 for new notes

By Marisa Wong

Los Angeles, Feb. 17 – Yincheng International Holding Co., Ltd. announced an offer to exchange its outstanding $95,965,000 13% senior notes due 2023 (ISIN: XS2454679239) for new notes.

The company is offering to exchange $1,000 of new 13% notes with a tenor of 364 days and capitalized interest for each $1,000 of existing notes, according to a notice.

To capitalize the accrued interest for the existing notes, each $1 of accrued interest on the existing notes that are tendered and accepted will be exchanged for $1 principal amount of new notes in lieu of cash.

The exchange offer will expire at 11 a.m. ET on Feb. 24. Settlement is expected to occur on Feb. 28.

The new notes will be listed on the Singapore Exchange on March 1.

The Regulation S exchange offer is subject to some conditions.

The company reserves the right to amend, modify or waive the terms and conditions of the exchange offer but said it has no present plans to do so.

The company said the offer, once completed, will improve its financial condition, extend its debt maturity profile, strengthen its balance sheet and improve cash flow management.

Guotai Junan Securities (Hong Kong) Ltd. +852 2509 5342; dcm.yinchenglm@gtjas.com.hk) is dealer manager for the exchange offer.

D.F. King Ltd. (+44 20 7920 9700, +852 3953 7231, yincheng@dfkingltd.com, https://sites.dfkingltd.com/yincheng) is information and exchange agent.

The Nanjing, China-based company offers development and sale of residential and commercial properties, leasing of investment properties and other real estate services.

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