China’s Xinjiang Transportation tenders, seeks consents for 5.8% bonds due 2025

By Marisa Wong

Los Angeles, April 11 – Xinjiang Transportation Construction Investment Holding Co., Ltd. announced a tender offer and consent solicitation with respect to its $70 million 5.8% bonds due 2025, according to a notice.

The company is inviting holders to tender their bonds for purchase at $1,000 per $1,000 principal amount, plus accrued interest to but excluding the settlement date.

Concurrently, the issuer is asking holders to approve some amendments to the terms and conditions of the bonds. The proposed amendments would add a new provision entitling the issuer to call at any time, on giving not less than five days’ notice, the bonds in full but not in part at par plus accrued interest.

The issuer is seeking approval of the proposal by way of electronic consent.

Holders who tender their notes will be deemed to have voted in favor of the extraordinary resolution.

To pass, the extraordinary resolution requires a majority in favor consisting of at least 90% of the aggregate principal amount of bonds outstanding.

The company said the purpose of the tender offer and consent solicitation is to reduce its debt and to be able to early redeem any bonds not purchased under the tender offer.

The tender offer and consent solicitation will expire at 6 a.m. ET on April 18.

Results will be announced on April 19.

Settlement is expected to be on April 21.

Kroll Issuer Services Ltd. (+44 20 7704 0880, +852 2281 0114; xjjiaotou@is.kroll.com; attn.: Mu-yen Lo / Illia Vyshenskyi) is the information, tender and tabulation agent.

The issuer is based in Xinjiang, China, and invests in the real estate industry, individual private property, mineral resources project development and other related industries.

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