Shimao’s Crystal Idea to redeem 45% of convertible bonds on Aug. 18

By Marisa Wong

Los Angeles, Aug. 3 – Shimao Services Holdings Ltd.’s wholly owned subsidiary, Crystal Idea Group Ltd., delivered on Aug. 3 a notice of optional redemption for its 2.25% convertible bonds due 2022 (ISIN: XS2401670349) guaranteed by Shimao.

Crystal Idea will redeem HK$1,399,500,000, or 45%, of the HK$3.11 billion outstanding bonds at par plus accrued interest on Aug. 18, according to a company announcement on Wednesday.

The bonds will be redeemed on a pro rata basis.

As previously announced, Crystal Idea had conducted a consent solicitation in relation to the convertible bonds. The issuer received the necessary consents to approve and implement the extraordinary resolution and to give effect to the proposed waiver and proposed amendments.

The issuer sought consents to waivers of its redemption obligations triggered by a relevant event under the bonds and to amend its optional redemption right under the bonds.

The supplemental trust deed giving effect to the proposed amendments and the written waiver giving effect to the proposed waiver were executed on Aug. 3.

The issuer offered a cash consent fee of HK$2,500 per HK$1 million principal amount. Payment of the fee will be made on Aug. 4.

Shimao Services is a Shanghai-based property manager and a member of the Shimao Group.

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