Chongqing International Logistics wraps upsized tenders for two 2024 notes

By Mary Katherine Stinson

Lexington, Ky., Dec. 28 – Chongqing International Logistics Hub Park Construction Co., Ltd. reported the results of its tender offers for any and all of its outstanding $315 million 5.3% notes due 2024 (ISIN: XS2361085975) and up to $150 million principal amount of its outstanding $500 million 4.3% notes due 2024 (ISIN: XS2050594238), according to a notice.

As of the expiration date of 4 a.m. ET on Dec. 22, the company received valid tenders of $311.6 million of the 5.3% notes and $459,283,000 of the 4.3% notes.

Chongqing will accept for purchase all $311.6 million tendered 5.3% notes, representing about 98.92% of the outstanding amount, and $160,003,000 of the 4.3% notes, representing about 32% of the outstanding amount.

These amounts reflect an increased maximum purchase amount of the 4.3% notes, which was upped to $160,003,000 from $150 million.

As previously reported, the issuer is offering a purchase price of par of $1,000 for both series, plus accrued interest.

Tendered 4.3% notes were accepted on a pro rata basis, subject to a scaling factor of 32.86685%, as the tenders exceeded the offer cap.

Repurchased notes will be canceled.

Settlement was expected to be on Dec. 28.

Following settlement, $3.4 million in aggregate principal amount of the 5.3% notes will remain outstanding and $339,997,000 in aggregate principal amount of the 4.3% notes will remain outstanding.

Guotai Junan Securities (Hong Kong) Ltd. (+852 2509 9118; attn.: fixed income currencies and commodities department; dcm.silkroad2019@gtjas.com.hk) is acting as dealer manager for the offers.

Morrow Sodali Ltd. (CQLGST@investor.morrowsodali.com; https://projects.morrowsodali.com/CQLGST; +44 20 4513 6933; +852 2319 4130) is tender and information agent.

The issuer said the offers are being made as part of its efforts to reduce its outstanding debts, alleviate its repayment pressures and improve its cash flow management and long-term business operations.

The issuer provides infrastructure management services and is based in Chongqing, China.

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