Zhenro has sufficient valid consents for perpetual capital securities

Chicago, March 14 – China’s Zhenro Properties Group Ltd. says that it has received sufficient valid consents from holders of its $200 million outstanding principal amount of senior perpetual capital securities (ISIN: XS2013512608).

The early consent deadline for the solicitation was on March 11, which had been pushed back from 11 a.m. ET on March 4.

The consent bid sought a waiver for an event of default resulting from failure to redeem the securities when due on March 6.

The company has agreed to pay a consent fee to holders that consent by the extended early deadline. Payment of the fee is subject to an extraordinary resolution for which a meeting is being held. The company has pushed the meeting to 10 p.m. ET on March 27 from 10 p.m. ET on March 13.

As previously reported, the company cited “adverse market conditions,” which have its funds increasingly limited, as the reason behind the necessity of the consent solicitation.

Admiralty Harbour Capital Ltd. (zhenro@dfkingltd.com) is the solicitation agent and D.F. King Ltd. (+852 3953 7208, zhenro@dfkingltd.com) is tabulation and information agent of the consent solicitation.

Zhenro is a Shanghai-based real estate developer.

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