Yida China to exchange most of its 6.95% senior notes for new step-up notes due 2022

By Rebecca Melvin

New York, March 24 – Yida China Holdings Ltd. announced that it validly tendered $247,146,000 of its outstanding 6.95% senior notes due April 19, 2020 (ISIN: XS1598221338) by the revised expiration of its exchange offer and consent solicitation at noon ET on March 23.

In all, 82.38% of the $300 million issue was tendered.

The tender offer deadline was extended to noon ET on March 23 from noon ET on March 16 and from 11 a.m. ET on March 9.

The company also announced that it will issue $224,899,000 of new notes pursuant to the offer on March 27. The new notes have a 10% coupon for the first six months and a 14% coupon for the remaining term of the notes, which mature on March 27, 2022.

There is a put option under the new notes, under which the company will, at the option of any holder of the new notes, repurchase all of the new notes held by such holder, or any portion of the principal thereof that is equal to the minimum denomination of the new notes or integral multiples of $1,000 in excess thereof on March 8, 2021 at par plus any accrued interest.

As previously reported, the company offered to exchange a minimum of $225 million, or 75%, of the outstanding notes for new notes due 2022 and cash and that if the exchange offer and consent solicitation were not consummated, it might not have had the funds to repay the existing notes at maturity.

The company said its existing internal resources may be insufficient to repay the existing notes, its only offshore debt other than certain shareholder loans, and that it is conducting the exchange offer and consent solicitation to “improve its overall cash and financial condition, extend its debt maturity profile, strengthen its balance sheet and improve cash flow management.”

Admiralty Harbour Capital Ltd. (+852 2110 1666 and yida_enquiries@ahfghk.com) is the dealer manager.

Morrow Sodali (+44 20 7355 0628, +852 2158 8405 and Yida@investor.morrowsodali.com) is information, exchange and tabulation agent.

Yida China Holdings is a business park developer and operator.

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