China’s Modern Land offers to exchange $300 million 6 7/8% notes

By Wendy Van Sickle

Columbus, Ohio, April 8 – Modern Land (China) Co., Ltd. began an exchange offer for up to $300 million of its $500 million of 6 7/8% notes due 2019, according to a notice.

The company is offering $1,000 of new notes, plus accrued interest.

The tenor and minimum yield of the new notes is expected to be announced on April 11.

The final interest rate of the new notes is expected to be set at pricing of a concurrent new money issuance.

The exchange offer will expire at 11 a.m. ET on April 16.

Notes must be tendered for exchange in minimum principal amounts of $200,000 and in multiples of $1,000 in excess thereof.

The offer is subject to some conditions.

The purpose of the exchange offer is to refinance the existing notes and improve the company’s debt structure to enable the company to extend its debt maturity profile, develop more steadily and to strengthen its balance sheets and cash flow management.

Credit Suisse, Guotai Junan International and Morgan Stanley are the dealer managers.

D.F. King (+44 20 7920 9700, 852 3953 7230 or email at modernland@dfkingltd.com) is the information and exchange agent.

The property developer is based in Beijing.

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