China’s CIFI Holdings launches tender offer for 7 5/8% notes due 2023

Chicago, May 10 – CIFI Holdings (Group) Co. Ltd. launched a tender offer for any and all of its $300 million outstanding 7 5/8% senior notes due 2023 (ISIN: XS1952116983), according to a notice.

CIFI is offering to pay $1,040.20 for each $1,000 note, plus interest to the settlement date.

The offer expires at 11 a.m. ET on May 17.

Settlement is scheduled for May 20.

The company is concurrently conducting a new offering of senior notes. Financing for the offer will come from the new notes and/or working capital.

The company is conducting the tender offer to proactively manage its balance sheet liabilities and optimize its debt structure.

Currently, the company intends to deliver a notice of redemption to redeem any notes outstanding following the tender offer. Any notes remaining will be redeemed at 103.8125 on June 10.

HSBC Ltd. is the dealer manager for the tender offer.

D.F. King is the information and tender agent (+44 20 7920 9700, +852 3953 7208, cifi@dfking.com, https://sites.dfkingltd.com/CIFI).

CIFI, based in Shanghai, is a real estate developer that builds properties in first- and second-tier cities in China.

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