New Metro to pay $202.39 million on tendered 6½%, 7 1/8% notes

By Taylor Fox

New York, Dec. 17 – New Metro Global Ltd., a subsidiary of Seazen Holdings Co., Ltd., announced the results of its tender offer to purchase for cash up to a maximum amount of its outstanding $500 million 6½% senior notes due April 23, 2021 (ISIN: XS1810682564) and $300 million 7 1/8% senior notes due May 23, 2021 (ISIN: XS1823153033), according to a company announcement.

As of the 11 a.m. ET on Dec. 16 expiration deadline, $136,497,000, or 27.3%, of the 6½% notes and $62,004,000, or 20.67%, of the 7 1/8% notes were validly tendered and accepted for purchase with no proration applied.

As previously reported, tendered notes will be purchased at a price of $1,009.50 per $1,000 of 6½% notes and a price of $1,015 per $1,000 of 7 1/8% notes plus interest.

The total amount to be paid including interest will be $139,149,212.59 for the 6½% notes and $63,240,850.60 for the 7 1/8% notes, for a total of $202,390,063.

Following the payment and cancelation of the tendered notes, $363,503,000 of the 6½% notes and $237,996,000 of the 7 1/8% notes will remain outstanding.

New Metro is also conducting a concurrent new money issuance that is not part of the offers and is conducted pursuant to a separate offering memorandum.

New Metro intends to finance the offers with the proceeds from the concurrent new money issuance.

The settlement date is expected for Dec. 18.

Haitong International Securities Co. Ltd. is the dealer manager, and D.F. King Ltd. (+44 20 7920 9700, +852 3953 7230; seazen@dfkingltd.com) is the information agent and tender agent.

New Metro is a subsidiary of Seazen, a Shanghai-based real estate developer.

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