Kaisa Group gives results of exchange, tender offer for 9 3/8% notes

Chicago, May 10 – Kaisa Group Holdings Ltd. gave results of its exchange and tender offer that ended at 11 a.m. ET on May 6 for its $3,051,500,000 outstanding 9 3/8% senior notes due 2024 (ISIN: XS1627598094), according to a release.

The company received tenders for $1,580,149,000, or 51.78%, of the notes.

The company is issuing $500,022,000 of notes to holders wishing to exchange their notes, based on a 29.1625% proration factor.

The company amended the terms of the proration, accepting notes tendered in amounts below $400,000 in full, if doing so meant that a minimum of $200,000 of notes purchased would result in less than $200,000 of notes being returned to noteholders.

Tenders were received from holders representing $489,003,000, or 16.03%, of the notes.

The tender offer was being conducted as an unmodified Dutch auction.

The company has decided to accept all notes that were submitted with offers below par.

Accordingly, the company is repurchasing $304,025,000 principal amount of the notes for cash, plus $34.635417 of interest for each note.

After settlement, $2,247,453,000 of the notes will remain outstanding. Settlement is expected on May 13.

Credit Suisse (Hong Kong) Ltd. and Deutsche Bank AG, Singapore Branch are the dealer managers for the Regulation S offer.

Morrow Sodali Ltd. (+44 20 8089 3287, +852 2319 4130, kaisa@investor.morrowsodali.com, https://bonds.morrowsodali.com/kaisagroup) is the information, exchange and tender agent.

Kaisa Group is a Shenzhen, China-based property development company.

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