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Zhongliang announces results of exchange offer for May, July notes
Chicago, June 13 – China’s Zhongliang Holdings Group Co. Ltd. announced the results of its exchange offer for its existing $27,628,000 outstanding 8½% senior notes due May 2022 (ISIN: XS2341214059) and its $71,166,000 outstanding 9½% senior notes due July 2022 (ISIN: XS2247412518).
As of 11 a.m. ET on June 10 when the offer expired, noteholders tendered $8,975,000, or 32.49%, of the May notes and $58,592,000, or 82.33%, of the July notes.
With an exchange offer completed on May 18, noteholders have now tendered $271,147,000, or 93.56%, of the original $289.8 million of the May notes and $426,926,000, or 97.14%, of the original $439.5 million of the July notes.
Settlement is expected on June 16.
The notes are being exchanged into a combination of new 9¾% senior notes due December 2023 and new 8¾% senior notes due April 2023. Both new notes constitute add-ons to previous issues from the recent exchange offer. Already issued are $428,869,883 of 9¾% notes issued on May 18 and $201,636,117 of 8¾% notes also issued on May 18.
Accordingly, the company will issue $44,978,600 more December notes and $22,588,400 more April 2023 notes from the second exchange offer. Both parts will be consolidated and form a single series with their respective issues.
Morrow Sodali Ltd. is the information and exchange agent (+44 20 4513 6933, +852 2319 4130, zhongliang@investor.morrowsodali.com, https://bonds.morrowsodali.com/ zhongliangexchange).
Any holders who have not yet exchanged their notes are still encouraged to contact the company.
Zhongliang is a residential property management company based in Shanghai.
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