Chongqing Nan'an Urban begins maximum tenders for two 2024 notes

By Wendy Van Sickle

Columbus, Ohio, Nov. 9 – Chongqing Nan'an Urban Construction & Development (Group) Co., Ltd. began cash tender offers for up to $255 million principal amount of its 4.66% bonds due 2024 (ISIN: XS1994697974) and up to $25 million of its $150 million of 4.2% bonds due July 7, 2024 (ISIN: XS2356402011), according to a Singapore Exchange notice.

The purchase price for each series is par plus accrued interest.

The company said the purpose of the offers is to reduce its outstanding debt. The offers will be funded by group liquidity, including cash recovered from local government and other third parties’ receivables.

If tenders exceed the maximum acceptance amount, they may be prorated.

The offers will expire at 11 a.m. ET on Nov. 24. Settlement is expected on Nov. 30.

China International Capital Corp. Hong Kong Securities Ltd. is the dealer manager.

D.F. King Ltd. is the information agent and tender agent.

The issuer is based in Chongqing, China, and engages in land development, infrastructure construction, property leasing and management, loan financing, supply-chain finance, and other businesses.

© 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.