Zhenro Properties amends exchange and solicitation for five series of notes

By Rebecca Melvin

Concord, N.H., March 4 – China’s Zhenro Properties Group Ltd. has amended an exchange offer and consent solicitation for five series of senior notes, according to an announcement.

The notes include

• 5.95% senior notes due March 2022 (ISIN: XS2308085112);

• 5.98% senior notes due April 2022 (ISIN: XS2329241447);

• 7 1/8% senior notes due June 2022 (ISIN: XS2358480155);

• 8.7% senior notes due August 2022 (ISIN: XS2050860308); and

• 6½% senior notes due September 2022 (ISIN: XS2383329237).

The company is amending the exchange offer and consent bid memorandum by issuing a supplemental memorandum. The principal purpose of the amendment is to modify certain provisions relating to the repayment of the new notes on their maturity date and to extend the early consent deadline.

The early consent deadline is being extended to 11 a.m. ET on March 11 from 11 a.m. ET on March 4.

The company is also adding certain provisions governing the repayment of the new notes on their maturity date. After the revision, the company will repay all outstanding principal amount of the new notes at 102 of the principal amount plus accrued interest.

As previously reported, the exchange offers are conditional upon minimum acceptance amounts and relate to five notes due in 2022, asking noteholders to essentially move the maturity date to 2023 for all five of the notes in exchange for a higher coupon and a cash payment as consideration.

The exchange offer and consent solicitation expire at 11 a.m. ET on March 11.

Settlement is expected on March 28.

Listing of the new notes on the Stock Exchange of Hong Kong Ltd. would occur on March 29.

Admiralty Harbour Capital Ltd. is the solicitation agent and the dealer manager for the exchange offer (zhenro@ahfghk.com).

D.F. King & Co., Inc is the information, exchange and tabulation agent (+44 20 7920 9700, +852 3953 7208, zhenro@dfking.com, consent website: https://sites.dfkingltd.com/Zhenro2nd; exchange and consent website: https://sites.dfkingltd.com/Zhenro3rd).

Zhenro is a Shanghai-based real estate developer.

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