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SRE Group considering $160 million sale of convertibles
New York, June 8 - SRE Group Ltd. said it is considering a sale of equity-linked securities or common stock to raise funding for a tender offer for its outstanding $200 million of 8 5/8% guaranteed senior notes due 2013.
The financing will likely be around $160 million in size.
The tender offer has an early consent deadline of 5 p.m. ET on June 18 and expires at 5 p.m. ET on July 14.
The financing will only go ahead if SRE receives the necessary consents to complete the tender offer. Shareholder approval is needed for the issuance of stock or equity-linked securities.
The issuer is a property developer focusing on mid-to-high end residential development in Shanghai.
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