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China Jinmao tenders for Franshion’s 5 3/8% guaranteed notes due 2018
By Wendy Van Sickle
Columbus, Ohio, June 20 – China Jinmao Holdings Group Ltd. announced it has begun a tender offer for the $300 million of 5 3/8% senior guaranteed notes due 2018 issued by its subsidiary Franshion Brilliant Ltd.
The offer, along with a simultaneously announced sale of new notes, is intended to extend the company’s debt maturity profile.
China Jinmao is offering $1,040.50 per $1,000 principal amount of the notes plus accrued interest up to but excluding the settlement date.
The tender ends at 11 a.m. ET on June 28. Settlement is planned for July 3.
Alongside the tender, Franshion Brilliant Ltd. plans to offer new notes, with pricing scheduled for June 22.
Hongkong and Shanghai Banking Corp. Ltd., DBS Bank Ltd., Goldman Sachs (Asia) L.L.C., Standard Chartered Bank, Bank of Communications Co., Ltd., Hong Kong Branch, CMB International Capital Ltd. and China International Capital Corporation Hong Kong Securities Ltd. will lead the sale.
Holders who participate in the tender will receive priority in the allocation of new notes up to the amount of notes tendered.
Completion of the tender offer is subject to a financing condition which requires that Franshion Brilliant receive sufficient proceeds to finance the tender offer.
Standard Chartered Bank (+852 3983 8656, +852 3983 8647 or liability_management@sc.com) and HSBC (+852 2822 4100, +44 20 7992 6237 or liability.management@hsbcib.com) are dealer managers. D.F. King Ltd. (jinmao@dfkingltd.com, +44 20 7920 9700, +852 3953 7230 or https://sites.dfkingltd.com/jinmao) is tender agent.
China Jinmao is a Hong Kong-based investment holding company that invests in and develops real estate in mainland China.
© 2015 Prospect News.
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