Exelor holders tender 18.2% of GDRs in swap for nine-year dollar notes

By Susanna Moon

Chicago, Feb. 3 – Exelor Ltd. said it received exchange instructions for 18.2% of its Global Depositary Receipts representing non-voting shares for dollar-denominated fixed-rate notes due Dec. 31, 2025.

Settlement will occur on Feb. 15, according to a company notice.

As announced Jan. 12, Exelor was offering to exchange up to $20 million of the GDRs until 11 a.m. ET on Feb. 2.

Holders who tendered their GDRs for exchange will receive an amount of notes equal to the product of $24.00, or the exchange price, and the number of the GDRs accepted for exchange.

The offer was contingent on holders tendering for exchange GDRs with an aggregate exchange price of at least $10 million, but if the minimum exchange was not met the issuer could choose to accept all exchange offers.

The exchange agent is Citibank NA, London Branch (+44 207 508 3867, fax +44 203 320 2405 or exchange.gats@citi.com).

Exelor Ltd., through its subsidiaries, is an investment company focused on real estate and is based in the British Virgin Islands.

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