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Hong Kong’s Jiayuan gives tender results for 2022, 2023 notes
Chicago, Aug. 16 – Jiayuan International Group Ltd. announced the expiration and the results from its tender offer for a capped amount of its $145,207,000 outstanding 13¾% senior notes due 2022 (ISIN: XS2024526043) and its $327.5 million outstanding 13¾% senior notes due 2023 (ISIN: XS2066357034), according to an announcement.
As of the 11 a.m. ET Aug. 13 expiration deadline, the company received tenders for $43,889,000, or 30.23%, of the 2022 notes and tenders for $84.89 million, or 25.92%, of the 2023 notes.
The company has set the maximum acceptance amount at $12,577,000 for the 2022 notes and at $80,638,000 for the 2023 notes. It had been expected that the maximum acceptance amount for both series would be $100 million.
The company is offering to buy the 2022 notes at par and the 2023 notes at $1,027.95 per $1,000 note. Interest will also be paid in the amount of $60.729167 per $1,000 note for the 2022 notes and in the amount of $46.597222 for the 2023 notes.
After settlement there will be $132.63 million of the 2022 notes outstanding and $246,862,000 of the 2023 notes outstanding.
Settlement is expected for Aug. 20.
HSBC Ltd. (+852 3941 0223, +44 20 7992 6237, liability.management@hsbcib.com) is the dealer manager.
D.F. King (+44 20 7920 9700, +852 3953 7208, https://sites.dfkingltd.com/jiayuan) is the information and tender agent.
The property developer is based in Hong Kong.
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