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China’s Zhongliang begins capped tender offer for 8¾% notes due 2021
Chicago, May 10 – Zhongliang Holdings Group Co. Ltd. started a tender for a capped amount of its $250 million outstanding 8¾% notes due 2021 (ISIN: XS2189801041), according to a notice.
The cap has not yet been determined. It will be the lower of the outstanding principal amount of the existing notes and the issue amount under a concurrent new money offer.
The company is offering to pay $1,005 per $1,000 principal amount plus accrued interest up to but excluding the settlement date.
Tenders may be subject to proration.
The offer expires at 11 a.m. ET on May 18. Settlement is planned for May 21.
The company seeks to actively manage its balance sheet liabilities and optimize its debt structure.
The tender offer is conditioned upon the issuance of notes under the concurrent new money offer.
UBS AG Hong Kong Branch (+852 2971 8848), HSBC Ltd. (+852 3941 0223, +44 20 7992 6237, liability.management@hsbcic.com) and Guotai Junan Securities (Hong Kong) Ltd. (+852 2509 9118) are the dealer managers for the tender offer.
D.F. King & Co., Inc (+44 20 7920 9700, +852 3953 7208, Zhongliang@dfking.com, https://sites.dfkingltd.com/zhongliang) is the information and tender agent.
Zhongliang is a Chinese residential property management company based in Shanghai.
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