China’s Huijing gets needed consents to amend 12½% notes due 2023

By Marisa Wong

Los Angeles, Feb. 2 – Huijing Holdings Co. Ltd. announced the results of its Jan. 20 consent solicitation relating to its outstanding $107.6 million 12½% senior notes due 2023 (ISIN: XS2496487286).

As of Feb. 2, the company received the necessary consents to implement the amendments and waivers proposed under the consent solicitation. The company has accepted all of these consents and has executed a supplemental indenture effecting the amendments and waivers, according to a notice on Thursday.

As announced on Jan. 20, the company was required to make an interest payment on the notes on Jan. 21. However, due to adverse market conditions, the company did not expect to make that payment on the due date.

The company had said it was making efforts to resolve its current liquidity issues. As part of these efforts, the company conducted the consent solicitation.

The company asked holders to (i) consent to changing the interest payment date to April 21 from Jan. 21 and making some other amendments to the indenture governing the notes; and (ii) waive any default that may arise as a result of the non-payment of interest on the Jan. 21 payment date and other related defaults.

To be successful, the consent solicitation required consents from holders of 100% of the outstanding notes.

Payment of any consent fees is expected to be made on Feb. 28.

China Construction Bank (Asia) Corp. Ltd. is the trustee.

Huijing is a Shanghai-based commercial and residential property developer.

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