China’s Fosun units accept tenders for $233.59 million of notes

By Sarah Lizee

Olympia, Wash., July 5 – Fortune Star (BVI) Ltd. and Wealth Driven Ltd. announced the results of their joint tender offers for notes guaranteed by Fosun International Ltd.

As of the expiration time of 11 a.m. ET on July 4, a total of $129,625,000, or 23.57%, of Fortune Star’s $550 million 5 3/8% senior notes due 2020, and a total of $103,966,000, or 17.62%, of Wealth Driven’s $590 million 5½% senior notes due 2023, were validly tendered under the offers.

Both issuers are accepting all notes tendered in the offer.

The maximum acceptance amount for both series of notes was previously set at $700 million for both series.

Fortune Star offered to purchase its notes for $1,011.50 per $1,000 principal amount. The total purchase price will be $131,115,687.50 plus accrued interest of $5.375 per $1,000 note.

Wealth Driven will purchase its notes at par for a total purchase price of $103,966,000 plus accrued interest of $22 per $1,000 note.

Purchased notes will be canceled.

Settlement is expected for July 11.

Following settlement, $420,375,000 of Fortune Star’s notes will remain outstanding and $486,034,000 of Wealth Driven’s notes will remain outstanding.

Fortune Star planned to price a new series of notes on June 24 and the offers are conditioned on consummation of that issuance.

Credit Suisse, BOCI, HSBC and Standard Chartered Bank are the dealer managers.

D.F. King (+44 20 7920 9700, 852 3953 7230 or fosun@dfkingltd.com) is the information and tender agent.

Fosun is a Shanghai-based conglomerate.

© 2015 Prospect News.
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