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China’s Zhongliang gives result of capped tender offer for 8¾% notes due 2021
By Rebecca Melvin
Concord, N.H. May 20 – Zhongliang Holdings Group Co. Ltd. announced the result of its capped tender offer for $250 million outstanding 8¾% notes due 2021 (ISIN: XS2189801041), according to a notice.
As of the expiry at 11 a.m. ET on May 18, $153.04 million principal amount of the notes, representing about 61.22% of the total outstanding principal had been validly tendered, and the company has determined to accept all of the tendered notes for purchase.
Following settlement on May 21, there will be $96.96 million principal amount of the notes remaining outstanding.
Aa previously reported, the company is offering to pay $1,005 per $1,000 principal amount plus accrued interest up to but excluding the settlement date.
The company’s purpose in conducting the tender is to manage its balance sheet liabilities and optimize its debt structure.
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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