Modern Land (China) launches capped tender offer for 15½% notes

Chicago, Feb. 18 – Modern Land (China) Co., Ltd. began a capped tender offer for up to $100 million of its $350 million outstanding 15½% senior notes (ISIN: XS1926064541) due 2020, according to a company news release.

The purchase price will be $1,030 for each $1,000 principal amount of notes plus accrued interest from the last interest payment date of Jan. 2 to, but excluding, the settlement date.

If the cap is exceeded, the company will accept tenders for notes for purchase on a pro rata basis. In the event of pro rata acceptance, the company will ensure a purchase of a minimum principal amount of $200,000 and integrals of $1,000 in excess thereof.

The tender offer is subject to a financing condition and is expected to be financed from the proceeds of an issuance of new notes.

The offer expires at 11 a.m. ET on Feb. 19.

Settlement is expected for March 4.

Credit Suisse (Hong Kong) Ltd., Deutsche Bank AG, Hong Kong Branch, Guotai Junan Securities (Hong Kong) Ltd., HSBC Corp. Ltd. and Morgan Stanley & Co. International plc are the joint dealer managers.

D.F. King (London: (+44 20 7920 9700, Hong Kong: +852 3953 7208, modernland@dfkingltd.com) is the information and tender agent.

Beijing-based Modern Land is a property developer focusing on the development of green, energy-saving and eco-friendly residences.

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