GoHo offers to exchange 8½% bonds due 2023 for 8½% bonds due 2024

By Marisa Wong

Los Angeles, June 14 – New Momentum International ltd. as issuer and parent GoHo Asset Management Co., Ltd. as guarantor announced an offer to exchange at least a minimum acceptance amount of their $88 million outstanding 8½% guaranteed bonds due 2023 (ISIN: XS2358337868) for 8½% guaranteed bonds due 2024, according to a notice.

The companies are offering to exchange each $1,000 principal amount of existing 2023 bonds for $1,000 principal amount of 2024 bonds and accrued interest.

The minimum acceptance amount is $79.2 million, or 90% of the outstanding principal amount.

The exchange offer is conditioned on the minimum acceptance amount being tendered and subject to some other conditions.

The offer will expire at 11 a.m. ET on June 21.

Settlement will be on June 27.

Listing of the new bonds is expected to take effect on June 28.

GoHo said the purpose of the exchange offer is to improve its liquidity position and extend the maturity of the existing bonds.

The joint dealer managers for the offer are CCB International Capital Ltd. and Haitong International Securities Co. Ltd.

D.F. King Ltd. (+44 20 7920 9700; +852 3953 7208; newmomentum@dfkingltd.com) is the information and exchange agent.

GoHo is an asset manager focused on local and distressed assets in China.

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