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Oceanwide offers to exchange 8½% notes due 2019 for new notes
By Wendy Van Sickle
Columbus, Ohio, April 30 – China’s Oceanwide Holdings Co., Ltd. announced an offer to exchange the $400 million of 8½% senior notes due May 28, 2019 issued by Oceanwide Holdings International 2017 Co., Ltd. for new notes to be issued by Oceanwide Holdings International Development III Co., Ltd.
The new notes will be guaranteed by Oceanwide Holdings.
For each $1,000 of existing notes tendered for exchange, Oceanwide is offering $1,050 of new notes plus capitalized interest to be paid in the form of new notes.
The company expects to announce the tenor and minimum yield of the new notes on or around May 3.
The window to submit instructions to exchange the notes will open at 9 a.m. ET on May 3 and close at 9 a.m. ET on May 10.
The final interest rate of the new notes is expected to be set at the pricing of a concurrent new money issuance of notes that will form a single series with the notes issued to settle the exchange. Pricing of the new money issuance is expected to occur on May 14.
Notes must be tendered for exchange in minimum principal amounts of $200,000 and in integral multiples of $1,000 in excess thereof.
Oceanwide said the principal purpose of the exchange offer is to extend the maturity profile of its foreign currency-denominated debt and improve its debt structure.
The offer is expected to settle on May 21.
D.F. King Ltd. (+44 20 7920 9700, 852 3953 7231 or oceanwide@dfkingltd.com) is the information and exchange agent.
Haitong International Securities Co. Ltd. (852 2848 4333 and DCM@htisec.com) and Admiralty Harbour Capital Ltd. (852 2110 1666 and cma@ahfghk.com) are the dealer managers.
The conglomerate is based in Beijing.
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