China’s Haimen Zhongnan Investment to exchange $190.25 million 10 7/8% notes via swap offer

By Wendy Van Sickle

Columbus, Ohio, March 29 – Haimen Zhongnan Investment Development (International) Co., Ltd. received and accepted tenders of $190.25 million notes in its offer to exchange any and all of its $500 million outstanding 10 7/8% guaranteed senior notes due 2022 (ISIN: XS2008677341), according to an announcement.

As announced on March 3, the issuer was offering $1,000 of new notes for each $1,000 of old notes plus $20 in cash and also accrued interest.

The issuer is also conducting a concurrent offering of new notes. The new notes will be on the same terms and form a single series with the notes in the exchange offer.

The minimum yield of the new notes will be 11½%. Pricing on the new notes was expected to be set on March 29.

The expiration deadline was noon ET on March 26.

Settlement is planned for April 1.

Listing of the new notes is expected for April 7.

Guotai Junan Securities (Hong Kong) Ltd. and Standard Chartered Bank are dealer managers for the exchange offer.

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

The property development and construction services company operates in the Jiangsu Province of China.

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