Ganglong China wraps consent solicitation, to redeem notes due 2024

By Mary-Katherine Stinson

Lexington, Ky., Nov. 2 – Ganglong China Property Group Ltd. announced the success of its Oct. 25 consent solicitation for holders of its outstanding 13½% senior notes due 2023 (ISIN: XS2545232832) who are non-U.S. persons outside the United States, according to a notice.

The company was seeking to modify the indenture governing the notes dated Nov. 9, 2022 to add a redemption option for its 9½% senior notes due 2024 (ISIN: XS2711868435).

Consents were received from holders of 100% of the notes’ outstanding principal on Oct. 31, leading to the execution of the supplemental indenture on Nov. 2.

The applicable consent fee was paid Nov. 2.

Also on Nov. 2, the company issued a redemption notice for all outstanding 9½% notes, which will be redeemed in full on Nov. 6 at a par plus accrued interest.

The redemption price will be paid in kind with the new notes totaling $164,411,875, which is equal to $145 million in total principal plus accrued interest of $19,411,875.

CMB International Capital Ltd. is the sole deal adviser in connection with this transaction.

China Construction Bank (Asia) Corp. Ltd. is the trustee for the notes.

Ganglong is a real estate development company based in Hong Kong.

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