China’s Zhongliang accepts $105.48 million tenders on 8¾% notes

By Taylor Fox

New York, Jan. 14 – Zhongliang Holdings Group Co. Ltd. announced the expiration of its tender offer for a capped amount of $250 million of 8¾% senior notes due 2021 (ISIN: XS2108015707), according to an announcement.

As of the 11 a.m. ET Jan. 13 expiration, $105.48 million, or 42.19%, of the notes were tendered and accepted.

The tendered notes will be cancelled at settlement, following which $144.52 million of the 2021 notes will remain outstanding

As previously reported, the company offered to pay $1,005 per $1,000 principal amount plus accrued interest up to but excluding the settlement date.

Settlement is planned for Jan. 15.

UBS AG Hong Kong Branch and Guotai Junan Securities (Hong Kong) Ltd. are dealer managers. D.F. King is information and tender agent (+44 20 7920 9700, +852 3953 7208, Zhongliang@dfkingltd.com or https://sites.dfkingltd.com/zhongliang).

Zhongliang said it is carrying out the offer as part of “its policy to actively manage its balance sheet liabilities and optimize its debt structure.”

Zhongliang is a Chinese residential property management company based in Shanghai.

© 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.