China’s Skyfame solicits consents for 13% 2022, 2021 notes

Chicago, Jan. 14 – Skyfame Realty (Holdings) Ltd. and Skyfame International Holdings Ltd. announced a consent solicitation for its 13% senior notes due 2022 (ISIN: XS2022224047) and its 13% senior notes due 2021 (ISIN: XS2181861654) in an announcement on Thursday.

The consent solicitations expire at 11 a.m. ET on Jan. 22.

The purpose of the solicitations and the proposals is to amend certain provisions in the indentures to allow for new business opportunities and new sources of capital. Additionally, the terms of the notes would be more in line with terms of recently issued notes by Skyfame International and comparable issuers in the market.

Proposals

The proposals for the notes include the following:

• Expanding the definition of “consolidated interest expense” to include interest expense from lease liabilities and from pre-sale receipts from customers;

• The ability to possibly issue senior notes through an offshore special purpose vehicle;

• The ability to pay dividends in kind or distribution in kind consisting solely of capital stock of any member of the restructuring group, subject to certain conditions;

• Amend the definition of “permitted investment”;

• Amend the limitation on transactions with shareholders and affiliates;

• The clarification and amendment of certain definitions to bring provisions more in line with the terms of the 2023 notes.

Details

D.F. King Ltd. is the information and tabulation agent (+44 20 7920 9700, +852 3953 7208, Skyfame@dfkingltd.com, https://sites.dfkingltd.com/skyfame).

Guotai Junan Securities (Hong Kong) Ltd. is the solicitation agent (+852 2509 9118, dcm.amber@gtjas.com.hk).

Skyfame Realty is Guangzhou, Guangdong-based real estate developer with a focus on commercial and residential properties that specialize in the development of youth community projects with young families as target customers.

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