China’s Dangdai expects to default on 9% notes due 2023

By Marisa Wong

Los Angeles, March 7 – Dangdai International Investments Ltd. issued an update on Tuesday relating to its 9% guaranteed senior notes due March 7, 2023 (ISIN: XS2453127172).

Because of its current liquidity position, the company does not expect to be able to pay the outstanding principal amount and interest due on the notes.

Failure to make this payment at maturity will constitute an event of default under the notes.

The company said it has been working closely with its external advisers to come up with a solution and that it will keep holders of the notes and other stakeholders updated as appropriate.

The notes will be delisted from the Stock Exchange of Hong Kong Ltd. on the maturity date.

After delisting, noteholders requiring further information about the notes may contact the company at usdbond@dangdaigroup.com.cn.

Based in Wuhan, China, Dangdai is a conglomerate with a substantial medical and pharmaceutical portfolio.

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