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Modern Land (China) gets support for offshore debt restructuring
By Marisa Wong
Los Angeles, March 24 – Modern Land (China) Co., Ltd. announced that as of 5 a.m. ET on March 24, the restructuring support agreement fee deadline, creditors representing more than 75% of the outstanding principal amount of its existing notes had entered into the restructuring support agreement in support of the proposed restructuring of its offshore debt.
The company will now proceed with implementation of the proposed restructuring, according to a company announcement on Thursday. Implementation is through a scheme of arrangement in the Cayman Islands, as previously reported.
The restructuring affects the company’s 12.85% senior notes due October 2021 (ISIN: XS1986632716), 11.8% senior notes due February 2022 (ISIN: XS2110675860), 11˝% senior notes due November 2022 (ISIN: XS2202152703), 9.8% senior notes due April 2023 (ISIN: XS2277613423) and 11.95% senior notes due March 2024 (ISIN: XS2127478316).
Consenting creditors who were holding restricted notes as of the fee deadline are eligible to receive a cash fee in an amount equal to 0.2% of the total principal amount held, as previously announced.
The fee will be paid in addition to the $22.92 million cash redemption fund – equivalent to 1.7% of the outstanding principal amount of the existing notes, to be split pro rata amongst creditors under the Cayman scheme.
The information agent is D.F. King Ltd. (+44 20 7920 9700, +852 3953 7230; modernland@dfkingltd.com), the restructuring financial adviser is Houlihan Lokey (China) Ltd. (moland@HL.com), and the restructuring legal adviser is Sidley Austin (sidleyprojecttenacity@sidley.com).
The Beijing-based property developer is focused on the development of green, energy-saving and eco-friendly residences in China.
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