Sunac China accepts $318.51 million tenders of 8 3/8% notes due 2021

By Taylor Fox

New York, Dec. 7 – Sunac China Holdings Ltd. announced the results of its tender offer for part of its currently outstanding $561.4 million of 8 3/8% senior notes due Jan. 15, 2021 (ISIN: XS1936202644), according to an announcement.

As of the 11 a.m. ET Dec. 4 expiration time, $318,508,000, or 56.73%, of the notes were validly tendered and accepted without proration.

The company will pay a total amount of $331,811,238.53, including interest.

Following the settlement of the offer, $242,892,000 of the notes will remain outstanding.

As previously reported, the original issue size was $600 million.

The company will pay a repurchase price of $1,008.50 for each $1,000 of notes, plus interest.

The settlement date is for Dec. 8.

The company said it is conducting the offer to proactively manage its liabilities and optimize its debt structure.

The offer will be funded from a new issue of notes and internal funding.

Morrow Sodali Ltd. is working as the information and tender agent (+44 20 8089 3287, +852 2158 8405, sunac@investor.morrowsodali.com, http://bonds.morrowsodali.com/sunac).

Morgan Stanley & Co. International plc is the dealer manager.

Sunac is a Tianjin, China-based residential and commercial property developer.

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