China’s Yincheng gives results of exchange offer for $165 million 11.8% notes

By Rebecca Melvin

Concord, N.H., March 4 – Yincheng International Holding Co., Ltd. announced results of its offer to exchange $165 million 11.8% senior notes due 2022 (ISIN: XS2317057599) for new notes, according to a notice on Friday.

As of the offer’s expiration at 11 a.m. ET on March 3, $95,965,000 principal amount of the existing notes, representing about 58.16% of the total amount had been validly tendered.

As previously reported, for each $1,000 principal amount of the existing Regulation S notes, the company was offering eligible holders $1,000 principal amount of new 13% notes due in 364 days plus accrued interest.

The principal amount of new notes will be rounded down to the nearest $1 and any fractional amounts of new notes will be forfeited.

Listing of the new notes on the Singapore Exchange is expected to occur on March 9.

The Nanjing, China-based company offers development and sale of residential and commercial properties, leasing of investment properties and other real estate services.

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