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Zensun accepts $103.48 million 2023 notes for exchange into 2025 notes
By Marisa Wong
Los Angeles, Sept. 11 – Zensun Enterprsies Ltd. announced the results of its Aug. 29 offer to exchange any and all of its $113.23 million outstanding 12½% senior notes due 2023 (ISIN: XS2382158207) for new dollar-denominated 7% two-year senior notes.
As of the expiration of the offer at 11 a.m. ET on Sept. 8, holders had tendered $103,478,000, or 91.39%, of the notes for exchange, according to a company announcement on Monday.
The company expects to issue $103,478,000 of new notes, based on an exchange price of par.
The new 7% notes will mature on Sept. 12, 2025.
Settlement will be on or about Sept. 12.
The new notes are expected to be listed on the Hong Kong stock exchange on Sept. 13.
The exchange offer is subject to some conditions.
As previously reported, the outstanding principal amount of the existing notes at the start of the offer did not include notes held by the issuer or Zensun Group Ltd., which were expected to be canceled prior to their maturity date.
The company confirmed on Monday that it has cancelled $86.77 million of existing notes that it had held.
After cancellation of the existing notes exchanged under the exchange offer, the outstanding principal amount of the issue will be $9,752,000.
The exchange offer was only open to holders who are non-U.S. persons outside the United States under Regulation S.
The company said it will not receive any cash proceeds from the exchange offer.
The purpose of the exchange offer is to refinance the existing notes and to enable the company to extend its debt maturity profile and improve cash flow management.
Guotai Junan Securities (Hong Kong) Ltd. is the dealer manager for the exchange offer.
D.F. King (+44 20 7920 9700, +852 3953 7208; zensun@dfkingltd.com; https://sites.dfkingltd.com/zensun) is the information and exchange agent.
Zensun is a residential property developer in Zhengzhou.
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