Zhenro Properties extends early consent fee for eight senior notes

Chicago, March 7 – China’s Zhenro Properties Group Ltd. announced that it has extended the early consent fee payment to the final deadline at 11 a.m. ET on March 11 from the original early deadline at 11 a.m. ET on March 4, according to an announcement.

The company is soliciting consents for eight series of notes and consenting noteholders were due $2.50 per $1,000 note if they consented by the early deadline, but only $1.00 per $1,000 note if they consented after the early deadline and before the final deadline.

At the request of investors, the company will now pay the full payment to consenting noteholders after the early deadline.

Background

Zhenro started an exchange offer and consent solicitation for five series of notes to deal with its inability to possibly address upcoming debt maturities in March 2022.

However, there was also a concurrent stand-alone consent solicitation for another eight series of senior notes. This is the part of the transaction that was just extended.

For the concurrent stand-alone consent solicitation, the company is seeking to waive any potential breaches and to amend the definition of change of control and the events of default provision in the consent notes indentures to carve out any default or event of default as a result of a default or event of default occurring under the existing notes, the perpetual securities, the October 2020 deed and the existing bank loans.

Accordingly, the company is soliciting consents for the following notes:

• $200 million outstanding 8.35% senior notes due 2024 (ISIN: XS2152219973);

• $300 million outstanding 9.15% senior notes due 2023 (ISIN: XS2076026983);

• $200 million outstanding 8.3% senior notes due 2023 (ISIN: XS2185842924);

• $290 million outstanding 7 7/8% senior notes due 2024 (ISIN: XS2099413093);

• $340 million outstanding 7.1% senior notes due 2024 (ISIN: XS2346158822);

• $349 million outstanding 7.35% senior notes due 2025 (ISIN: XS2226898216);

• $393 million outstanding 6.63% senior notes due 2026 (ISIN: XS2279711779); and

• $291 million outstanding 6.7% senior notes due 2026 (ISIN: XS2293750670).

For the consent solicitations to be successful, a majority of noteholders from each series must consent.

The company said that as of 11 a.m. ET on March 4, the requisite consents have been received for the concurrent consent solicitation.

Payment of the concurrent consent fee is expected to occur on March 28.

Details

The early consent deadline was 11 a.m. ET on March 4.

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

Settlement is expected on March 28.

As a note, Zhenro started a consent solicitation for a series of perpetual securities on Feb. 18.

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.