China’s Xinjiang Transportation gives results in offer for bonds due 2025

By Mary-Katherine Stinson

Lexington, Ky., April 19 – Xinjiang Transportation Construction Investment Holding Co., Ltd. announced the results of its tender offer and consent solicitation with respect to its $70 million 5.8% bonds due 2025, according to a notice.

As of the expiration deadline of 6 a.m. ET on April 18, all outstanding $60 million in total principal amount of the bonds have been tendered and accepted for purchase.

As previously reported, the company invited holders to tender their bonds for purchase at $1,000 per $1,000 principal amount, plus accrued interest to but excluding the settlement date.

Settlement is expected to be on April 21.

The company also reported that holders of $60 million in total amount of the bonds voted in favor of the extraordinary resolution via electronic consent on April 18. Holders who tendered their notes were deemed to have voted in favor of the extraordinary resolution.

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

The proposed amendments would have added 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.

However, since all of the outstanding principal of the bonds were tendered and none will remain outstanding after the tendered bonds are canceled, the proposed amendments will not be implemented and the supplemental trust deed will not be executed.

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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