New Metro offers to buy back two 2021 notes guaranteed by Seazen

By Marisa Wong

Los Angeles, Jan. 26 – New Metro Global Ltd. is offering to purchase for cash up to a maximum amount of its outstanding $363,503,000 6½% senior notes due April 2021 (ISIN: XS1810682564) and $237,996,000 7 1/8% senior notes due May 2021 (ISIN: XS1823153033) guaranteed by Seazen Holdings Co., Ltd.

The purchase price is $1,010 for each $1,000 principal amount of 6½% notes and $1,015 for each $1,000 principal amount of 7 1/8% notes. Holders will also receive accrued interest.

The issuer said it will set and announce the maximum acceptance amount as soon as possible after pricing new notes under a concurrent but separate new money issuance.

The company expects to finance the buyback offers with proceeds from the concurrent new money issuance.

Notes may be subject to proration if the offer cap is exceeded.

The offers expire at 11 a.m. ET on Feb. 4. Settlement is expected on Feb. 8.

Haitong International Securities Co. Ltd. is the dealer manager, and D.F. King Ltd. (+44 20 7920 9700, +852 3953 7208, seazen@dfkingltd.com, https://sites.dfkingltd.com/seazen) is the information and tender agent.

The real estate development company is based in Shanghai.

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